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BIR may not meet target

Manila, Philippines – The Bureau of Internal Revenue (BIR) will have to raise some P175 billion for the remaining two months of the year to hit its P940-billion collection target, a job considered by insiders as “mission impossible.”

Insiders made the comment yesterday as revenue officials reported total take of P75.4 billon for October inclusive of the controversial P5 billion, or the 20 percent final withholding tax on the so-called PEACe bonds. Holders of the bonds are contesting before the Supreme Court the BIR’s decision to collect the tax.

Revenue Commissioner Kim S. Jacinto-Henares said that for the first 10 months of the year the bureau has already raised a total of P761.7 billion which was P90.8 billion more compared to the actual collection for the same period last year. It was, however, short by about P3.5 billion compared to the goal of P728.5 billion. With a total collection of P761.7 from January to October, the BIR will have to raise additional amount of P179 billion for the two remaining months of the year. (Jun Ramirez)