BIR surpasses November collection target, hits historic P1-trillion mark

The Bureau of Internal Revenue has already reached the historic P1 trillion mark in collections, latest data from the bureau show. The BIR's preliminary revenue figures as of December 17 show that for November the bureau met, and then surpassed, its revenue collection target of P102.953 billion by taking in P110.77 billion. This brings the tax revenue collection total for the January-November period to P969.34 billion at least, considering that collections from other sources such as RCOs (revenue collection officers) and TRAs (tax revenue advices) have not yet been accounted. The amount surpasses by P119.83 billion the collections for the same period in 2011. According to the data, the agency has already reached the P1-trillion mark. It has a few more days to hit its official revenue goal of P1.066 trillion for the year. In a statement, the bureau called BIR Commissioner Kim Henares “the first trillionaire commissioner,” while Henares said that the feat is historic for the men and women of the agency. The BIR's collections from regular tax revenues for November amounted to P107.84 billion, a 19.6-percent rise year-on-year, and exceeding the bureau's regular revenues target for the month by 9.26 percent. Collections from non-BIR operations which come from taxes on government securities sold at auction by the Bureau of the Treasury amounted to P2.93 billion, a 13.39-percent increase year-on-year, but P1.33 billion less than the target for the month. — BM, GMA News