BIR collects P1.057T in 2012

The Bureau of Internal Revenue collected P1.057 trillion in 2012, only P9 billion shy of its target for the year of P1.066 trillion, the country's largest revenue collection agency reported on Thursday. The total is P133.77 billion or 14.48 percent more than the agency collected in 2011. Of the total, P1.016 trillion, is from BIR operations, 14.2 percent or P126.47 billion higher than in 2011. Collections from non-BIR operations amounted to P40.95 billion, 21.68 percent better or P7.296 billion more than in 2011. For the month of December 2012, the bureau collected P88.58 billion in tax revenues, 18.68 percent higher than in the same month in 2011 and exceeding the month's target by 15.51 percent. Collections from BIR operations grew 18.75-percent year-on-year, but collections from non-BIR operations amounted to P2.76 billion, P166.13 million or 5.69 percent lower than the target for the month. In 2012, the BIR breached the P1-trillion mark in collections for the first time in its century-long history. For 2013, the BIR has a revenue collection target of P1.253 trillion. Taxes from the large taxpayers group are expected to account for P768.31 billion of the total, an increase of 14 percent from the amount collected from the sector in 2012. — BM, GMA News