Up 22.9% year-on-year, down 17% from August
The Bureau of Internal Revenue (BIR) exceeded its tax revenue target for September, with collections for the month growing 22.87 percent year-on-year due to significant improvement in the Large Taxpayers Service, the Bureau said on Wednesday.
Although they surpassed the monthly target, the amount of September BIR collections was down by P21.85 billion from the revenues collected in August.
Data released by the BIR on Wednesday showed the agency collected P105.71 billion in tax revenues in September, up 22.87 percent or P19.67 billion from the year-earlier level.
The bureau exceeded its P102.98-billion collection goal for the month, noting an improvement of P7.72 billion or 2.64 percent.
Despite the year-on-year increase, the data showed that the collections in September eased by 17 percent from the P127.56 billion recorded in August.
The BIR did not give an explanation for the month-to-month drop in September, but rather focused on the year-on-year improvement in its collection performance.
“The good collection performance for September 2014 was largely due to the increase in collection by the Large Taxpayer Service,” the bureau explained.
A breakdown of the September tax revenue figure shows that Large Taxpayer Service collected P66.17 billion, up P16.68 billion or 33.69 percent from the actual collections made in September 2013.
Collections from BIR operations, or regular tax revenues, amounted to P101.63 billion, 24.3 percent or P19.87 billion more than collections a year earlier.
Tax revenue from regional offices amounted to P35.47 billion, increasing by P3.2 billion or 9.9 percent from the collections made in September last year.
The improvement in tax collections by the Large Taxpayer Service, BIR operations and regional offices was somewhat offset by lower tax revenues from non-BIR operations.
Collections from non-BIR operations amounted to P4.08 billion, easing 4.62 percent or P197.37 million from the actual collections a year earlier.
Cumulative BIR collections from nine months to September reached P996.41 billion, below the year-to-date target of about P1.076 trillion.
For full-year 2014, the bureau is aiming to collect P1.456 trillion, raising the target amount from the 2013 target of P1.253 trillion by 16.2 percent or P203 billion.