Friday, April 01, 2011

BIR eyes to grow April collections by 15%

MANILA, Philippines - The Bureau of Internal Revenue (BIR) chief said they are eyeing to grow collections by 15% this month, but noted it was too early to say if they could beat the target.

BIR Commissioner Kim Henares said their collection goal for April is P105.1 billion compared to last year's actual collections of P91.162 million.

April is usually the BIR's strongest month because of the yearly deadline for filing of income tax returns.

"I hope we will meet our goal," Henares said.

Henares, meanwhile, declined to give preliminary data on BIR's February and March collections.

The BIR accounts for 60% of the government's income.

In January, it surpassed its collection goal of P71.97 billion by 3.6% at P74.57 billion.

The January figure was also 15% higher than the P64.606 billion recorded in the same month last year.

The Bureau of Customs, on the other hand, earlier said it was confident of exceeding its collection gaol of P22.5 billion last month, due to higher oil imports.

Customs is the government's second-largest revenue generator, accounting for about a fifth of state income.

The two tax agencies are hard pressed in raising revenues this year to fund a budget deficit estimated to reach P300 billion.

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