BIR 2013 revenue target up 17% to P1.253T

The Department of Finance (DOF) has assigned the Bureau of Internal Revenue a revenue goal of P1.253 trillion for 2013, higher by P187.561 billion or 17.59 percent than the 2012 goal of P1.066 trillion. The target is also higher than the original 2013 goal of P1.238 trillion but below the previous estimate of P1.272 trillion. The BIR’s 2013 collection goal is based on the latest Medium Term Revenue Program dated January 15, 2013, BIR Commissioner Kim Henares said in Revenue Memorandum Circular 1-2013. Factored into the target is revenue from sin taxes, the BIR also said in the circular released on Friday. The BIR’s Large Taxpayers Group will collect bulk of the target, P768.308 billion, and the rest is spread out among revenue regions and districts across the country and also from non-BIR operations. BIR collections come from two sources: the general operations or regular tax revenues and; the non-operations which come from taxes imposed on government securities sold by the Bureau of the Treasury. By tax type, the BIR has a goal to collect P759.187 billion from net income and profits; P102.367 billion from excise taxes; P268.631 billion from value-added taxes (VAT); P60.732 billion from percentage taxes and P62.762 billion from other taxes. The BIR’s 2013 goal is based on a gross domestic product (GDP) forecast of six percent for the year. — DVM, GMA News