The Bureau of Internal Revenue (BIR) boosted its tax collections in April by 4.78 percent from a year earlier, but missed its target by 12.88 percent.
The shortfall amounts to P20.1 billion.
The agency collected P156.1 billion in tax revenues, up P7.12 billion or 4.78 percent year-on-year. But the improvement fell short of the expected collection of P176.1 billion.
A breakdown of the April tax revenue figure shows that collections from BIR operations, or regular tax revenues, reached P153 billion, higher by 5.05 percent or P7.35 billion than the amount collected in April 2013.
Non-BIR operations’ collections, such as taxes imposed on government securities sold by the Bureau of Treasury, stood at P3.12 billion, an increase of 6.76 percent or P230 million from the comparative year-earlier period.
The bureau said in a statement collections during the month were affected by the low growth rate of taxes paid by taxpayers belonging to the Large Taxpayers Service and corporate taxpayers in Metro Manila.
“[Despite] the gross revenues of these taxpayers, these did not translate to tax revenues as they enjoy some form of tax incentives. In order to address this, it is imperative that the proposed administrative legislative measure, the Fiscal Incentive Rationalization Bill, be passed soonest,” the BIR said in the statement.
The BIR believes it will be able to make up for the shortfalls in the remaining eight months of the year.
“Among other things, the BIR is embarking on an intensified audit of the books of taxpayers that show a drop in their tax payments despite an increase in their revenues,” it said.
The bureau is aiming to collect about P1.456 trillion in 2014, 16.2 percent or P203 billion higher than the P1.253 trillion target in 2013.