The Bureau of Internal Revenue (BIR) on Friday said it surpassed its collection target for August 2022 by 4.46 percent or P9.766 Billion.

This is based on the bureau's goal of P219.172 billion for the said month, BIR said.

According to BIR, the August 2022 collection is higher than the previous year's collection for the same period by 23.03 percent or P42.860 billion.

BIR's total collection, or the net tax refund, stood at P1.559 trillion from January to August 2022. That is higher by 12.25 percent or P70.168 billion compared to net tax collections for the same period last year.

Said collections represent more than 98 percent of the BIR's emerging goal of P1.586 trillion for the period.

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Meanwhile, the tax revenue agencies are expected to collect P3.436 trillion in taxes and duties in 2023.

The collection target of the BIR and the Bureau of Customs next (BoC) year is 10.34 percent higher than their P3.11-trillion goal this year.

According to the Budget of Expenditures and Sources of Financing (BESF) report, this will account for 99.19 percent of the anticipated P3.464 trillion in overall tax receipts next year.

The BIR's projected revenue for the upcoming year is P2.67 trillion, which is 11.61 percent more than its P2.39 trillion collection target for 2022.

The target composes of taxes on property (P15.218 billion), taxes on net income and profits (P1.295 trillion), and taxes on domestic goods and services (P1.073 trillion).

BoC, on the other hand, was given a P765.59-billion collection target for next year, which is up by 6.11 percent from the P721.52-billion target this year.

This includes P485.67 billion in value-added taxes (VAT) on imports, P196.6 billion in excise taxes, P63.67 billion in import duties and taxes, and P19.64 billion in other fees.