BIR collection up 11.27% in Jan

MANILA, Philippines - The Bureau of Internal Revenue saw revenue collection grow 11.27 percent in January this year to P94.74 billion.

Data from the Department of Finance showed that of the total, P89.03 billion came from BIR operations and P5.71 billion from non-BIR operations.

The BIR expects to collect P232.67 billion in the first quarter of 2013, slightly higher than the P229.04 billion it raised in the same period last year.

The agency sees higher collections in the next three quarters — P358.3 billion (April-June), P306.87 billion (July-September) and P321.43 billion (October-November).

The agency is expected to collect a record P1.25 trillion for the whole of 2013, up 18 percent from actual collections of P1.057 trillion a year earlier.

Last year’s collection, however, was still short of the BIR’s P1.066-trillion collection target for 2012.

Of the total P1.25 trillion, P768.31 billion will come from large taxpayers or an increase of 14 percent from the previous year.

The BIR is hoping to see higher collections this year with passage of the sin tax bill, which increased the excise tax rates on tobacco products and alcoholic beverages.

The government earlier said it expected to raise around P34 billion in additional revenues during the first year of implementation of the sin tax measure. The figure is expected to increase to P184.31 billion in the next four years or a yearly average of 43 billion.