The Bureau of Internal Revenue (BIR), the government’s main tax agency, announced that it exceeded its collection target in October this year, but still behind its 10-month goal.
On Thursday, Dec. 1, the BIR reported that it generated P186.76 billion in October, higher by 1.5 percent or P2.23 billion against the P184.03 billion target for the month.
Likewise, the BIR said October revenue haul was 15 percent higher compared with P162.11 billion record in the same month in 2021.
But despite the higher than expected tax take, the BIR admitted that the bureau was still behind its P1.974 trillion target for January to October.
According to the BIR, the agency collected only P1.919 trillion at end-October, short by about three percent of its target.
However, the 10-month 2022 collection was 12 percent more than a year ago’s performance.
On Wednesday, Finance Secretary Benjamin E. Diokno said the government will surpass its revenue target for this year given the better than expected collection by the Bureau of Customs.
“Our collection as of one month ago is P2.9 trillion, that’s 18 percent higher than last year’s and about 90 percent of our goal for the year,” Diokno said. “I’m very sure we will exceed our revenue target."
Data from the Bureau of the Treasury showed that revenue reached P2.9 trillion at end-September, up 18 percent year-on-year form P2.5 trillion. This is equivalent to 89 percent of the P3.3 trillion target for the entire year.
Diokno said the Customs bureau already met its annual target while the BIR was “slightly behind.
From January to October, the Customs collected P713.5 billion, up 35.81 percent year-on-year and 99 percent of the P721.5 billion full-year goal.
Asked if the revenue windfall of Customs will be enough to cover the shortfall of the BIR, Diokno said, “Definitely.”