In a report to the Department of Finance (DOF), Internal Revenue Commissioner Rene Bañez said the bureau is optimistic that revenue collections in the remaining two months will improve.
Bañez said they have prepared certain revenue enhancement measures such as the compromise settlement program for delinquent accounts, revisions in the withholding tax schemes, and collection of unremitted taxes of local government units.
The BIR collection performance in the same period last year was only P299.384 billion, roughly seven percent lower than in the first 10 months of this year.
In October this year, the BIR collected P37.306 billion, which was almost negligently short of its one-month target of P37.309 billion.
Compared to the October 2000 collection figure of P34.125 billion, this year’s collection was higher by P3.181 billion.
Full year collection target of the bureau is P388 billion, which means that it must raise at least P67.797 billion in November and December.
From January to October this year, revenue collections amounted to P458.92 billion, short by a mere 0.3 percent of target while expenditures was one percent lower than target P5.9 billion to this month’s P5.92.24 billion.
Revenue collection for October hit P46.946 billion or 4.2 percent better than anticipated. The BIR contributed P37.306 billion while the Bureau of Customs (BOC) accounted for P9.64 billion, short of target by P934 million.
The country’s budget deficit as of October this year reached P133.3 billion or 3.2 percent below the programmed target of P137.7 billion for the period.
For the month of October alone, the deficit was registered at P11.17 billion or 36.2 percent lower than the P17.51 billion projected results. Full year target has been set at P145 billion despite the poor economic conditions locally and worldwide.
Fiscal spending was held down to P64.10 billion, or 6.2-percent lower than the projected P68.3-billion from January to October this year.