BIR exceeds target for the first month of 2011

Department of Finance (Philippines)Image via WikipediaA March 15, 2011 press release by the Department of Finance

The Bureau of Internal Revenue generated a total of Php 74.57 billion in tax revenues the first month of the year, or January 2011. This figure surpassed the month’s target of Php 71.97 billion by Php 2.59 billion or by about 3.6%.

The actual tax collected in January expanded by Php 9.96 billion for a growth of about 15.42% compared to the same month last year when the Bureau collected Php 64.61 billion in January 2010.

Last year, CY 2010, the BIR generated a total of Php 822.62 billion in tax revenues. To meet the yearend target for CY 2011, which is placed at Php 940 billion, tax collections of the Bureau must grow by 14.2%.

“Meeting the target for the first time on the first month of the year is a good signal for the BIR. However, I have to stress that it is still early in the year and we will continue our efforts to collect from everyone what is due, so the country will have enough to fund vital projects that will support future economic growth” according to Commissioner Kim Henares.

As of mid March 2011 the BIR under Commissioner Henares has filed a total of 33 tax evasion cases since July 2010 against high-profile individuals.