BIR exceeds Sept goal

MANILA, Philippines - The Bureau of Internal Revenue (BIR) exceeded its collection target for September by 2.64 percent due largely to the increase in collections from large taxpayers.

Latest data released by the Department of Finance showed that the BIR collected P105.71 billion in September, P2.72 billion over its collection goal for the month.

The latest collection figure was also up 22.87 percent or P19.67 billion more than actual collections  made in September 2013.

The good collection performance was largely due to the increase in collections by the Large Taxpayer Service, which represents the country’s largest industries and companies.

The LTS, comprised mainly of 2,000 large taxpayers, contributes  billions in tax payments.

It collected P66.17 billion in September, exceeding its goal by 9.3 percent. The amount also marked an increase of P16.68 billion or 33.69 percent from the year ago level.

Revenues from BIR operations reached P101.63 billion, up 24.3 percent year on year.  It was also 3.1 percent more than what it collected a year earlier.

Collections from non-BIR operations, on the other hand, declined by 4.6 percent to P4.08 billion. 

The Regional Offices collected  P35.47 billion,  9.9 percent more than the collections made in September 2013. 

The increased collections will allow the government to ramp up spending to sustain the growth of the economy.