BIR misses June collection target

The Bureau of Internal Revenue (BIR) posted a 6 percent year-on-year increase in revenue for June but still missed its tax collection target for the month due to a worse-than-expected slowdown in private business activity and government spending.

Data released by the BIR on Friday showed the agency collected P94.12 billion in tax revenues in June, up P5.26 billion or 6.04 percent from the year-earlier level, but the amount fell short of the month’s P107.4 billion collection target by P13.28 billion or 12 percent, despite increases in all accounts.