MANILA, Philippines – The Bureau of Internal Revenue (BIR) is planning to collect 21.01% more taxes this year compared to 2015.
The recently released Revenue Memorandum Order 2-2016 showed that the BIR is targeting a full-year collection of P2.025 trillion ($42.41 billion), 21.01% higher than the agency's 2015 goal of P1.674 trillion ($35.05 billion).
For the first quarter of the year, the agency has set the goal of collecting P415.75 billion ($8.808 billion), the smallest quarterly goal for 2016. It is also the only quarterly collection target for 2016 that is below the P500 billion mark.
To achieve this, it aims to generate P162.27 billion ($3.398 billion) this month, P122.77 billion ($2.57 billion) in February, and P130.71 billion ($2.737 billion) in March.
In April, which coincides with the deadline for the filing of income tax returns, the BIR is tasked to collect P222.09 billion ($4.651 billion).
For the second quarter, the BIR assigned its highest quarterly revenue target of P552.79 billion ($11.57 billion), while it is tasked to collect P513.06 billion ($10.74 billion) and P544.06 billion ($11.39 billion) in the third and fourth quarters of the year, respectively.
In May and June, the agency must collect P196.1 billion ($4.107 billion) and P134.61 billion ($2.819 billion) respectively.
For the third quarter of the year, the BIR is tasked to generate revenues amounting to P163.22 billion ($3.417 billion) in July, P205.89 billion ($4.294 billion) in August, and P143.95 billion ($3.015 billion) in September.
In the final quarter, the BIR must collect P156.59 billion ($3.278 billion) in October, and P248.36 billion ($5.2 billion) and P139.1 billion ($2.912 billion) in November and December, respectively.
Around 60% of the agency's total collection goal will be shouldered by the Large Taxpayers Service Unit with P1.23 trillion ($25.75 billion). The Revenue District Offices, meanwhile, have a collection target of P739.52 billion ($15.48 billion) for 2016.
As for major tax types, the BIR said it is targeting collecting P1.24 trillion ($25.96 billion) from net income and profits; P405.11 billion ($8.482 billion) from value-added taxes; P170.72 billion ($3.574 billion) from excise taxes; P82.9 billion ($1.735 billion) from percentage taxes; and P123.54 billion ($2.586 billion) from other taxes this year.
The BIR has yet to release its actual full-year 2015 collection performance. Latest available data showed that the BIR collected P1.327 trillion ($27.78 billion) as of end-November 2015, missing its target by 14%. The latest figure, however, represents an increase of 9% compared to 2014. – Rappler.com
$1 = P47.76