The Bureau of Internal Revenue (BIR) failed to meet its tax revenue target for the first half of 2011 on account of lower income from the issuance of securities as well as tax remittance by government agencies.
Data released by the BIR on Friday showed that as of end-June this year, it collected P458 billion in tax revenues, P12 billion short of the P470 billion goal for the semester, which, in turn, was half of the P940 billion target for this year.
The Bureau’s tax collections in the first six months this year were an expansion of 13.5 percent year-on-year amounting to P54.5 billion from year-ago’s P403.5 billion.
The statement said that BIR’s tax collection comes from taxable transactions from business activities such as sale of goods and generation of income as well as the taxes from the sale of government securities and taxes remitted by government agencies.
“The overall shortfall of the BIR comes mainly from the second group, whose shortfall as of June 30 has reached a total of almost P6.3 billion,” it said.
The Bureau collected about P67 billion in taxes, P7.5 billion in June this year, up year-on-year by 12.7 percent.
Tax revenues last June were short by 2.2 percent or P1.5 billion from the month’s goal. [PNA]
