BIR, BoC 2010 collections likely up 11.2% on year

ABS-CBN News

Posted at Jan 25 2011 07:12 PM | Updated as of Jan 26 2011 03:12 AM

MANILA, Philippines - Revenue collections by the country's two main tax agencies likely grew 11.2% in 2010 from the year before.

The Bureau of Internal Revenue (BIR) and Bureau of Customs (BoC) collected P1.08 trillion last year, up P109.4 billion from P970.6 billion in 2009, the DoF reported quoting preliminary data.

Of the total revenue take, P821 billion came from the BIR, which accounts for 60% of state income. This was 9.5% higher than the agency's tax collections of P750.3 billion in 2009.

The BoC, on the other hand, contributed P259 billion last year, 17.5% more than the P220.3 billion it turned in during the earlier year.

However, compared to their revenue target of P1.141 trillion, collections of the tax agencies were short by P61 billion.

Despite lower-than-expected revenues, Finance Undersecretary Gil Beltran said that the budget shortfall last year was below the programmed ceiling by at least P15 billion due to controlled spending and savings from interest expense.