BIR 2010 collections P38-B short of target

ABS-CBN News

Posted at Jan 31 2011 04:49 PM | Updated as of Feb 01 2011 03:18 AM

MANILA, Philippines - The Bureau of Internal Revenue (BIR) missed its 2010 collection goal by P38 billion.

In a statement, the country's main tax agency said it generated P822.39 billion in revenues from January to December last year, way below its P860.4-billion goal.

However, the amount was 9.61% higher than the BIR's total collections of P750.29 billion in 2009.

The BIR, which accounts for two-thirds of government income, is tasked to collect P940 billion this year.

"By the end of 2011, the bureau if expected to grow its tax collections by more than 14%. The improving trend in 2010, gives me confidence that we can reach our target by the end of this year," BIR Commissioner Kim Henares said.

Henares earlier said they were on track to meeting their collection goal for January.