Missed target

For the month of May 2012, the BIR collected Php 95.55 billion in tax revenues, Php 6.4 Billion or 7.26% more than collections made in May of 2011.  To date, total collections of the Bureau for the first five months of 2012 increased by 12.46% over collections for the same period in 2011. 

Collections from the Regional Offices have consistently showed double digit growth – for the first 5 months, collections from the Regional Offices increased by 20.39%.  For May 2012, collections by the Regional Offices amounted to PhP 29.09 Billion, or 5.67 Billion or 24.2% more than the collections made in May of 2011.

Collections by the Large Taxpayer Service amounted to PhP 63.17 Billion,  PhP 1.21 Billion or 1.95% more than collections made in May 2011.  The collection performance of the Large Taxpayer Service was affected by a decrease in reported sales/revenue and an increase in reported costs of sales and/or expenses by some taxpayers under its jurisdiction.  In view of this, the Bureau of Internal Revenue will be conducting short period audits on some of its Large Taxpayers to determine the veracity, accuracy and/or truth of the figures they reported.  This is in addition to the on-going monitoring by the Regional Offices of the tax compliance of sole proprietors and professionals.