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MANILA - (UPDATED 3:54 p.m.) The Bureau of Internal Revenue exceeded its collection target for June, as its large taxpayers' unit delivered on that month's goal.
In a statement, the BIR said it raised P81.34 billion last month, 7.88 percent higher than the P75.4 billion goal for the period. The last time the BIR met its monthly target was in February.
Last month's collections likewise was 21.58 percent more than last year. The June collections brought the first-half tax take 13.79 percent higher than a year ago.
The Large Taxpayer Service, which accounted for over 60 percent of the BIR's total collections, beat its June target by 6.37 percent, raising P50.83 billion that month. The June collections likewise were 20.26 percent higher than a year ago.
Regional offices also delivered, with collections of P28.09 billion exceeding the target by 8.63 percent. Year-on-year, their combined tax-take likewise grew 25.58 percent more than in 2011.
“The regional offices have really been performing well, while the LTS has likewise exceeded its goal for June,” Commissioner Kim Jacinto-Henares said in a phone interview.
“But there are really timing issues. The monthly goals are still not accurate because the excess in revenue does not necessarily reflect on the monthly targets. Actually, the additional revenues we got were the proceeds from our ongoing assessments, which we collected over time,” Jacinto-Henares said.
“Thus, we are still looking at why the LTS was not registering double-digit growth vis-à-vis the 25 percent growth of the combined profits posted by listed companies during the first quarter,” she said, referring to the combined first quarter profit growth of listed companies reported by the Philippine Stock Exchange.
“We also started our spot short audit, especially against corporations. For the second half, we are also intensifying our drive toward collecting tax arrears. We will issue warrants of arrest and distraints for that,” the BIR chief said.
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