BIR targets P1.25T in collections this year; aims for P232.6B in Q1

The Bureau of Internal Revenue is aiming for P232.67 billion in total collections for the first quarter of the year, more than P3 billion the P229.04 billion in revenues it collected in the first three months of 2012. For the next three quarters of the year, the country's largest revenue-collecting agency is tasked to collect considerably higher amounts: P358.3 billion in the second quarter, P306.87 billion in the third quarter, and P321.43 billion in the last quarter. The quarterly targets, combined with the P34 billion in incremental revenues from “sin taxes” on tobacco and alcohol products, brings the agency's revenue target to P1.25 trillion for 2013. The goal for 2013 is based on the latest Medium-Term Revenue Program and is higher by P180 billion than the agency's goal of P1.07 trillion in 2012. Last year, the agency passed the P1-trillion mark in collections for the first time. The bulk of the revenues—P768.31 billion—is expected to come from the large taxpayers group. — BM, GMA News