Tax collections by the Bureau of Internal Revenue (BIR) in the month of May showed double-digit growth from a year earlier, but still fell short of the target for the month.
The BIR collected P128.27 billion in tax revenues, up P16.37 billion or 14.63 percent year-on-year. The amount missed the expected P133.95 billion collection for May by P5.68 billion or 4.24 percent, data from the tax bureau showed on Tuesday.
A breakdown of the May tax revenue figure shows that collections from the BIR operations, or regular tax revenues, reached P125.46 billion, higher by 14.47 percent or P15.96 billion than the amount collected in May 2013.
Non-BIR operations’ collections, such as taxes imposed on government securities sold by the Bureau of Treasury, amounted to P2.81 billion, an increase of 17.42 percent or P417.07 million from the comparative year-earlier period.
Collections by the BIR’s regional offices surged 20.35 percent to P42.58 billion, or P7.2 billion more than the collections made in May 2013.
Meanwhile, collections by the large taxpayers amounted to P82.89 billion, up by P8.76 billion or 11.82 percent.
For full-year 2014, the bureau is aiming to collect about P1.456 trillion, raising the target amount from the 2013 target of P1.253 trillion by 16.2 percent or P203 billion.
To achieve this year’s goal, the tax bureau is stressing the need for the Fiscal Incentives Rationalization Law to effect urgent reform to avert the huge losses incurred by the government in the form of foregone revenue every year.
The objective of the bill is to enhance transparency in government by making local units accountable for the incentives they grant.