BIR collects more money in Nov., but fails to meet revenue goals

The Bureau of Internal Revenue said Friday that year-on-year it collected more taxes in November and in the first 11 months, but failed to meet its own collection target last month.   It also fell short of its 11-month collection goal.   Collections totaled P92.7 billion in November — compared with the goal of P95 billion — which bought the 11-month revenues to P854.5 billion. The January-to- November target was P860.3 billion.   “From January to November this year, internal revenue generated by the BIR has reached P854.5 billion. Compared to the taxes generated during the same period last year, which amounted to P753.3 billion, this year’s performance has shown a marked improvement growing by more than 13.4 percent year-on-year,” the BIR said.   The in November 2010 collected P82.4 billion.   The bureau has a collection goal of P940 billion this year, and BIR Commissioner Kim Henares looks at the collection shortfalls by focusing on the efforts of employees to fill in the P5.8-billion-deficit by the end of December.   The latest collection figures of the BIR include the P4.966 billion-collection from the controversial PEACe bonds, data from the BIR also showed.   The withholding tax on the Poverty Eradication and Alleviation Certificate or PEACe bonds is the subject of a temporary restraining order from the Supreme Court acting on a petition by private banks.   The 10-year, zero-coupon bonds fell due on Oct. 18, but the banks who bought the bonds questioned government before the Supreme Court for imposing a final withholding tax and argued there was no such agreement in 2001 when the bonds were issued.   The banks that filed the petition were Banco de Oro, Bank of Commerce, China Banking Corp., Metropolitan Bank & Trust Co., Philippine Bank of Communications, Philippine National Bank, Philippine Veterans Bank and the Planters Development Bank. — VS, GMA News