BIR's June tax collection falls short of goal

Posted at 07/18/14 2:39 PM

MANILA, Philippines - The Bureau of Internal Revenue once again missed its target collection in June.

The BIR collected P94.12 billion in June, 6 percent higher than the same period a year ago. However, it was P13 billion short of the BIR's P107.4 billion goal for the month.

Total collection in the first half of the year climbed 8 percent to P643.2 billion from the same period last year and represents 44 percent of the agency's full-year goal of P1.46 trillion.

The BIR, which accounts for two-thirds of the country's total tax collection, had said it remained confident it would be able to do better in terms of tax collections in the coming months, having intensified the audit of books of taxpayers that show a drop in their tax payments despite increase in their revenue.

Manila's efforts to collect more revenue by waging a campaign against tax evasion and corruption in the collection process won the country investment grade ratings last year from all three major debt watchers.

In May, Standard & Poor's further upgraded the Philippines to the country's highest credit rating ever at two notches above investment grade.

Manila aims to keep the budget deficit at 2 percent of gross domestic product this year and until the end of President Benigno Aquino's term in 2016. - With Reuters