BIR hits October collection target
MANILA, Philippines - The Bureau of Internal Revenue (BIR) on Monday said tax collection in October jumped 22% year-on-year, allowing the agency to meet its P86.1 billion target.
In October, the BIR collected P86.1 billion in tax revenues, substantially meeting the revenue target of P86.18 billion for the month.
This brought the total revenue collection to P858.6 billion since January, 13% higher than the same period last year.
The BIR is expected to collect P1.066 trillion this year. In November, the BIR revenue target is P102.9 billion, and in December, the target is P76.6 billion.
To meet its full-year collection target, the BIR needs to raise at least P208 billion in the last 2 months of the 2012.