As of November 2011, the taxes collected by the Bureau of Internal Revenue have bested last yearsâ€™ performance by more than PhP101 billion.
From January to November this year, internal revenue generated by the BIR has reached PhP854.5 billion. Compared to the taxes generated during the same period last year, which amounted to PhP753.3 billion, this yearâ€™s performance have shown a marked improvement growing by more than 13.4% year-on-year.
For the month of November alone, the Bureauâ€™s collections reached PhP92.7 billion. This figure is also PhP10.3 billion greater than the taxes generated for the same month last year when the BIR collected a total of PhP82.4 billion. Growth for November reached 12.5% year-on-year.
After 11 months, the BIR has kept itself abreast with the target. From January to November the Bureauâ€™s target is placed at PhP860.3 billion. With this, actual collections are down by only 0.68% or by about PhP5.8 billion in cumulative terms.
Commissioner Kim Henares remains hopeful that the year-end target of the Bureau could still be met. While the deficit may seem small in percentage terms, she prefers to look at the collection shortfall in terms of value â€œmy people at the BIR are fully focused on recouping the 5.8 billion deficit by the end of Decemberâ€.
*Results are inclusive of collection from PEACE bond.