Tax collections by the Bureau of Internal Revenue (BIR) rose at a double-digit rate year-on-year in May but fell short of the monthly target, the bureau disclosed on Thursday.
Data released by the BIR showed the agency collected P152.14 billion in tax revenues in May, up 18.44 percent or P23.68 billion from the year-earlier level.
However, the bureau missed its P196.1-billion collection goal for the month, falling short by P43.96 billion or 22 percent.
The BIR did not give a direct explanation for missing its May collection target but rather focused on the year-on-year revenue growth in its statement.
A breakdown of the May tax revenue figure shows that collections from BIR operations, or regular tax revenues, reached P148.95 billion, higher by 18.98 percent or P23.76 billion from the amount collected in May 2015.
Non-BIR operations’ collections, such as taxes imposed on government securities sold by the Bureau of Treasury, stood at P3.18 billion, lower by 2.32 percent from the comparative year-earlier period.
Collections by the BIR’s regional offices rose 11.3 percent to P48.95 billion, or P4.97 billion more than the collections made in May 2015.
The Large Taxpayers Service collected P100.01 billion, higher by P18.79 billion or 23.13 percent than the collections made a year earlier.
Cumulative BIR collections from January to May 2016 reached P659.96 billion, well below the year-to-date target of about P833.93 billion.
For full-year 2016, the bureau is tasked to collect P2.026 trillion.