Short by 1% compared to the monthly goal

For the first 7 months of the year, or from January to July 2011, the Bureau of Internal Revenue has generated a total of Php531.78 billion in taxes for the government.

This marks a 13.8% rise in revenues compared to the same period last year. In figures this is Php64.5 billion more than the taxes collected from January to July 2010, which amounted to Php467.28 billion.

“(BIR) performance continues to improve every month” declares BIR Commissioner Kim Henares. “This puts the target well within our reach” she adds.

Compared to the target, which amounts to Php534.91 billion, actual collections for the period are short by only 0.58%, or by Php3.13 billion for the first 7 months of the year.

“The BIR has exceeded its collection of taxes where it has administrative control, but has fallen short in the collection of taxes that the government remits to us” according to Commissioner Henares.

Taxes remitted to the BIR from open market operations of the Bureau of Treasury, or from trading Treasury Bills and Bonds, has fallen short of the target by Php6.28 billion as of July 2011. The surplus generated by the BIR from collecting taxes from income and sales taxes, which amounted to Php2.3 billion during the period, was not enough to cover the shortfall from the latter.

For the month of July, the same trend is evident. Actual collections during this month amounted to Php73.79 billion, up by 16% over the previous year’s collection or up by Php9.975 billion in a single month. However, this was short by 1% compared to the monthly goal, or by negative Php 0.82 billion.