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BIR fails to meet collection targets


The Bureau of Internal Revenue failed to meet its collection goal in June, generating only P59.366 billion instead of P62.668 billion — the revised target for the month. The P3.3-billion shortfall represented 5.3-percent in terms of underperformance, BIR chief Kim Henares said. Had the BIR used the original collection goal of P60.483 billion, its shortfall would have totaled only P1.12 billion for an underperformance of 1.8 percent. The collection target was raised after President Benigno Aquino III and his Cabinet decided to trim the P325-billion budget deficit expected this year. For the January-June semester the bureau was able to collect only P403.469 billion, off by P17.53 billion or 4.2 percent from its target of P420.996 billion for the period. Still, Henares vowed to meet the yearend goal of P830.441 billion. "Meeting the yearend target is crucial for the country as a whole because the taxes generated will be used to fund vital expenditures necessary for stability and sustained economic expansion," Henares said. —JE/VS, GMANews.TV

Tags: bir, revenues, deficit
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