BIR exceeds Jan.-Feb. collection target

The Bureau of Internal Revenue (BIR), the country’s main revenue collecting agency, has surpassed its collection target in the first two months of 2024.

In a statement on Thursday, the BIR said it collected P446.423 billion in January to February this year, up 24.32% or P87.335 billion higher than its collections in the same period last year.

Against the target of P445.535 billion for the period, the taxman said it was able to surpass its goal by over 24%.

In February alone, the BIR collected P138 billion, exceeding previous year’s level of P129.4 billion by 6.65%.

For the entire year, the agency’s revenue target was set at P3.055 trillion, higher by 21.38% or P538.182 billion compared to its actual collections in 2023 of more than P2.5 trillion.

“With the continuing intensification of the bureau’s tax enforcement activities, specifically on the campaign against sellers and buyers of fake receipts, and with our concerted efforts to deliver excellent service to taxpayers through our digitalization projects and ISO Certification of the BIR’s frontline processes, we hope to encourage and increase voluntary compliance from our taxpayers”,  said BIR Commissioner Romeo Lumagui Jr. — RSJ, GMA Integrated News