The figures might be higher than those from the same period last year, but tax collections made by the Bureau of Internal Revenues were so far lower than their intended target for 2012.

 

According to the BIR, for the first seven months of the year or from January to July, the revenue agency collected P604.68 billion.

 

That is 13.8 percent higher than the amount collected during the same period last year. But it is three percent lower than its 2012 target of P622.708.

 

Last July, the BIR increased its collection to P83.52 billion compared to around P73 billion collected July 2011 - a 13.8 percent increase.

 

Still, July's tax collection was four percent short of the BIR's P87.35 billion target for the month.

 

Meanwhile, in its regional offices, the BIR was able to register a double digit increase in its tax collections for July, collecting P29.61 billion or 25.74 percent higher than the same month last year.

 

The BIR is tasked to collect P1.06 trillion this year and P1.2 trillion in 2013, targets higher than last year’s P940 billion. — DVM, GMA News