BIR still confident of hitting 2012 collection target

Posted at 08/17/12 4:11 PM

MANILA, Philippines - The Bureau of Internal Revenue is confident it can still meet its P1.066 trillion collection target this year, despite missing the targets in the first 7 months.

Internal Revenue Commissioner Kim S. Jacinto-Henares said the target collection growth rate for the remaining 5 months of the year is lower than the 14% target for the January to July period.

The BIR needs to increase its tax collection in the August to December period by 13% in order to meet the P443.408 billion target. During the same period last year, the BIR collected P392.36 billion.

"We're now working and trying to achieve our goal," she said.

In the first 7 months of 2012, the BIR collected  P604.68 billion, 2.8% lower than the P622.71 billion target. However, this was 14% up from last year's collection of P531.79 billio

To boost revenues, the BIR has been implementing a campaign against tax evasion and corruption.