Missed target but there was improvement in collection compared to last year.

Bureau of Internal Revenue tax collections continue to register year-on-year growth. For the month of August taxes generated by the BIR expanded by 11.2% compared to the same month last year. The total amount generated for August reached PhP 87.93 billion. Compared to the amount collected in August 2010, which totaled PhP 79.10 billion, this year’s collections expanded by PhP 8.84 billion.

On a cumulative basis this year’s eight-month tax collection registered a growth of13.4% compared to the same period last year. From January to August 2011, the BIR has generated a total of Php 619.71 billion in tax collections. Compared to the collections generated during the eight-month period last year, which totaled PhP 546.37 billion, this year’s cumulative collections expanded by PhP 73.34 billion.

However, despite the consistent growth in monthly collections, the Bureau’s eight-month performance falls short of target by 1.2%. From January to August, the BIR’s actual collections have missed the cumulative target, which amounted to PhP 627.11 billion by Php 7.40 billion.