Missed target for the Month of May by 1.7%

ERRATUM

June 16, 2011

The June 15, 2011 May 2011 Collection Performance Press Release of the BIR should have read “For the first five (5) months of CY 2011, or from January to May, taxes generated by the BIR have reached Php 391.09 billion. Surpassing last year’s collections for the same period, which amounted to Php 344.10 billion, by Php 46.99 billion for an expansion of about 13.7%.”  Below is the corrected version of the said press release.

BIR Collections for May 2011 Expands by 11.5%

Actual tax collections by the Bureau of Internal Revenue for the month of May 2011 amounted to around Php 88.15 billion. Compared to actual tax collections for the same month in 2010, which amounted to Php 79.05 billion, taxes this May surpassed last year’s by Php 9.10 billion registering a growth of about 11.5%.

Compared to the bureau’s monthly goal, which amounts to Php 89.72 billion, actual taxes fell short of the target by Php 1.57 billion for a shortfall of about 1.7%.

For the first five (5) months of CY 2011, or from January to May, taxes generated by the BIR have reached Php 391.09 billion. Surpassing last year’s collections for the same period, which amounted to Php 344.10 billion, by Php 46.99 billion for an expansion of about 13.7%.

BIR Commissioner Kim Henares recognized that there are a lot that needs to be done.   “It is unfortunate that we were not able to attain our revenue goal for May because the country needs every single centavo for its poverty reduction programs”.

“We will do all that we can in order to improve our performance in the coming months as well as for the longer term” adds Commissioner Henares.

Earlier this year, the BIR has begun instituting much needed reforms by studying ways to improve its business processes and systems by introducing its strategic plan. This plan, which lists priority programs, will serve as the BIR’s guide for reforms over the next 5 years.