MANILA, Philippines - The Bureau of International Revenue (BIR) fell short of its collection target in May, raising only P111.9 billion in tax revenues or 2.8 percent short of the P115.12-billion target for the period in review.
The May collection, however, was 18.35 percent or P17.35 billion higher than what it collected in May 2012.
Collections from BIR operations reached P109.51 billion, up 18.69 percent from the previous year but 1.28 percent lower than the collection target of P110.93 billion for the month.
Non-BIR operations, on the other hand, amounted to P2.39 billion, a decrease of P104 million or 4.57 percent from a year ago. The figure was also P1.8 billion or 42.9 percent lower than P4.19-billion target for May.
Collections by the regional offices rose 24.4 percent to P36.08 billion while collections from large taxpayers reached P73.42 billion, P10.17 billion or 16.07 more than the collections made in May 2012.
For the first five months of the year, revenue collections reached P504.99 billion or an increase of 14.82 percent from P439.82 billion a year ago. It was still short of the P524.86-billion target for the period.
The BIR is tasked to raise P1.253 trillion this year, 17 percent more than the P1.06 trillion collected in 2012.
The agency sees tax collections rising by 44 percent with the implementation of the new sin tax that imposes higher rates on tobacco and alcoholic beverages.
The sin tax law, passed in December last year, is expected to raise P34 billion in additional revenues during the first year of its implementation and P184.31 billion over the next four years.