BIR: Govt will likely meet March 2011 target revenue of P68.9-B

The head of the Bureau of Internal Revenue (BIR), the government’s main revenue agency, said the government will most likely meet its target collection goal of P68.9 billion for March this year. "I'm always optimistic," BIR Commissioner Kim Henares said on Friday. If the BIR meets the March collection goal, it will also likely meet its first quarter target of P197 billion, Henares said. From January to March this year, the BIR's 19 regional offices undertook tax information drives nationwide to encourage taxpayers to pay the proper income taxes on or before the April 15 deadline. The BIR encouraged early payment to avoid congestion in BIR offices near the deadline. Henares noted that majority of the Filipinos file their income tax returns (ITR) just before the annual deadline. Aside from encouraging the early payment of taxes, the BIR also stepped up efforts to meet its revenue targets. The collections of both the BIR and the Bureau of Customs make up the bulk of government revenues, roughly 90 percent of its income. For 2011, the BIR has a target collection of P940 billion while the BOC's target is P320 billion. Both agencies are under heavy pressure to meet their target collections because the government hopes to lessen budget deficit of about P300 billion for 2011, or 3.2 percent of the country's gross domestic product (GDP). In 2010, the country's budget gap was at P314.4 billion, or 3.7 percent of GDP. – VVP/OMG, GMA News