Internal Revenue Commissioner Kim Henares said the amended goals are meant to take into consideration the deadlines falling on a holiday. She stressed the cumulative collection goals for both months and for the rest of the year have been kept. STAR/File photo
MANILA, Philippines – The Bureau of Internal Revenue has adjusted its collection goals for August and September due to deadlines falling on a non-working holiday.
According to Revenue Memorandum Order 17-2015, the agency has cut its tax collection target for August to P131.67 billion from the original target of P160.69 billion.
For September alone, the goal has been increased to P149.17 billion from the previous target of P120.15 billion.
Internal Revenue Commissioner Kim Henares said the amended goals are meant to take into consideration the deadlines falling on a holiday.
She stressed the cumulative collection goals for both months and for the rest of the year have been kept.
“The reason for the revision is the deadline for the quarterly income tax falls on Aug. 30, a Sunday, and the next day is a holiday, Aug. 31. So most, if not all, will probably pay on Sept. 1, the first working day,” Henares said in a text message yesterday.
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“So there is a need to adjust the goal for August – deduct the amount for quarterly income tax – and move it to September, hence the adjustment. But the cumulative for the two months remain the same,” she added.
The memorandum order, signed last Aug. 13 would take effect immediately.
Latest BIR data showed it collected P705.87 billion in the first half of the year, up 10 percent from P643.21 billion in the same period in 2014.
However, the six-month tally was 13 percent below the bureau’s P812.09-billion goal for the period.
Revenues from large taxpayers went up nine percent to P430.03 billion as of end-June, while those collected by regional offices rose 10 percent to P257.26 billion.
The BIR also earned P18.58 billion during the first half of the year from operations outside agency.
Last year, the BIR collected P1.335 trillion, eight percent short of its P1.456-trillion goal. For this year, the agency plans to collect P1.674 billion in revenues.
