BIR collection up 8.5% in Feb

MANILA, Philippines - The Bureau of Internal Revenue (BIR) collected P74.52 billion in February, up 8.48 percent from a year ago level but still short of its P77.12 billion goal.

The BIR said P72.42 billion of the total came from BIR operations, 18.03 percent more than last year’s collections. The amount is 1.65 less than the agency’s target for February of P73.64 billion.

Collections from non-BIR operations amounted to only P2.1 billion or 71.39 percent  less than collections made a year earlier.

The BIR continued to post a double digit growth in collections from regional offices, rising 21.17 percent to  P27.13 billion.

Collections from large taxpayers likewise grew 16.22 percent to P45.29 billion.

The BIR is targeting to collect P232.67 billion in the first quarter this year, slightly higher than the P229.04 billion it raised in the same period last year.

The agency is looking at higher collections in the next three quarters –  P358.3 billion (April-June), P306.87 billion (July-September) and P321.43 bilion (October-November).

The agency is expected to collect a record P1.25 trillion for the whole of 2013,  up 18 percent from actual collections of P1.057 trillion a year earlier.

The BIR is hoping to see higher collections this year with passage of the sin tax bill, which increased the excise tax rates on tobacco products and alcoholic beverages.  The projection took into account the expected P34 billion in additional revenues to be raised during the first year of  implementation of the sin tax measure.