BIR Cebu exceeds collection target by 1.72% with P25.8B
CEBU, Philippines – The Bureau of Internal Revenue-13 in Cebu City collected P25.8 billion in taxes in 2015, exceeding its P25.4-billion target for the year by 1.72%, the data provided by the Collection Division showed.
The 2015 collection is also higher by 22.26% against the P21.1 billion collected revenues in 2014.
In an interview yesterday, BIR Regional Director Hermeno Palamine said the collection last year exceeded by about P400 million against the goal, citing tentative figures.
Palamine said there are still collections that have yet to reflect in the agency’s system. Final data will be released later this month.
“[The figure] is subject for adjustments,” Palamine noted.
The BIR official explained the lot purchases by property developers at the South Road Properties (SRP) in August last year had really boosted the agency’s 2015 cumulative collection.
Among the five revenue district offices (RDO) under BIR-13, RDO 82-Cebu City South, where the SRP lots are located, posted the highest collection growth in 2015. RDO 82 raked in P6.4 billion last year, up by 113% from P2.99 billion in 2014.
Giant developers – SM Prime, Ayala Land and Filinvest Land – bought pieces of land at the SRP sold by the Cebu City government last year. The winning bidders of the sale would be the ones to pay the applicable taxes arising from the transaction.
“Last year, it was the one-time transaction like the SRP [deal],” Palamine said when asked on revenue sources that boosted the agency’s collection.
In 2014, BIR-13 collected P21.1 billion, also surpassing its P20.9-billion target for that year.
Palamine said the collection goal for 2016 may increase not less than 20%.
“Granting another 20% increase, we will have a target of P30 billion [this year] from P25.4 billion last year,” the revenue director said, claiming that it's too high and challenging to achieve.
The official 2016 goal will be known later this month or early February.
The BIR collects 70% of the total government revenues. (FREEMAN)
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