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BIR exceeds collection target for September

MANILA, Philippines — The Bureau of Internal Revenue (BIR) exceeded its collection goal for September, generating P141.66 billion in revenue for the review period.

 In a statement, the BIR said its tax collections in September rose 24.51 percent to P141.66 billion from P113.77 billion in the same period in 2016.

 The amount was 8.87 percent higher than the P130.12 billion collection target for September.

 For the first nine months, collections amounted to P1.306 trillion, up 11.15 percent from P1.175 trillion in the same period in 2016.

 However, the nine-month haul was slightly below the agency’s P1.32 trillion target for the period.

 According to data from the BIR, the Large Taxpayers Service (LTS) accounted for the bulk of total collections in September with P90.12 billion, up 28.55 percent from P70.10 billion in September last year.

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 The LTS monitors the 3,000 largest taxpayers in the country. This group accounts for 60 percent of the BIR’s total collection.

 Meanwhile, collections by the Revenue Regions (RR) group rose 22.04 percent to P48.34 billion from P39.61 billion a year ago. This group is in charge of medium and small taxpayers.

 Finance Secretary Carlos Dominguez earlier said the BIR collected P12.1 billion from Mighty Corp. in September representing the second tranche of its tax settlement offer.

 Dominguez said the BIR expects to collect from Mighty another P5.8 billion in October and P8.5 billion in November as part of the settlement offer.

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