As of June 30, 2011 the Bureau of Internal Revenue has generated a total of Php458 billion in tax revenues for the Government, marking the halfway point of the Php940 billion target for the whole year.
Compared to the previous year’s collections, at Php403.5 billion, tax revenues this year is Php54.5 billion higher for a growth of more than 13.5% for the same period from January to June.
Compared to the target however, at Php460.3 billion, taxes for the first six (6) months of the year are slightly below by Php negative Php2.3 billion or a shortfall of 0.5%.
To put the bureau’s performance in perspective, tax revenues may be looked at in two groups: first are collections that are levied from taxable transactions that occur as a result of business activity such as from the sale of goods or the generation of income. Second are from taxable transactions that occur as a result of public sector or government activity, such as from the trade of treasury bills and bonds and from taxes remitted by government entities.
The overall shortfall of the BIR comes mainly from the second group, whose shortfall as of June 30 has reached a total of almost Php 6.3 billion.
For the month of June 2011, the BIR generated around Php67 billion. This is Php7.5 billion higher than the taxes generated in the same month last year, or a growth of 12.7%. Compared to the month’s target, actual collections are short by 2.2% or Php1.5 billion.