Q1 revenue target at P233B

MANILA, Philippines - The Bureau of Internal Revenue (BIR), the government’s main tax agency, is eyeing to collect P232.67 billion in the first three months of 2012, over 16% higher than the P199.56 actual revenues it raised in the same period last year.

Data from the BIR showed the Q1 figure is the agency's lowest quarterly goal this year.

The agency is tasked to collect P302.69 billion in the second quarter, P264.95 billion in the third, and P265.82 billion in the fourth.

The BIR is expected to collect P1.066 trillion for the whole of 2012, a record high and 13% greater than its P940 billion goal for 2011. The 2012 collection was set with the assumption that the Philippine economy will grow by 5.5%.

BIR Commissioner Kim Henares said they will release their full-year 2011 and January collection performance data on Feb. 14.

The BIR accounts for 70% of state income.