BIR exceeds July collection target

The Bureau of Internal Revenue (BIR) exceeded its collection target for July as double-digit growths in regular tax, regional offices and Large Taxpayers’ Service revenues offset lower gains from non-BIR operations.

Data released by the BIR on Thursday showed the agency collected P119.94 billion in tax revenues in July, up P19.84 billion or 19.82 percent from the year-earlier level. The amount exceeded the month’s P119.88 billion collection target by P58.52 million or 0.05 percent.