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Wednesday, January 22, 2014

BIR Allocates Php 1.456 Trillion Collection Target

  Bureau of Internal Revenue (BIR) started yesterday the distribution to it's field offices nationwide of the Php 1.456 Trillion collection goal for the year fixed earlier by the Dept. of Finance. In signing Revenue Memorandum Order No. 4-2041, Internal Revenue Commissioner Henares said the target is 16.16% or Php 202.651 Billion higher than the Php 1.2 Trillion goal last year. Henares said the result of the 2013 tax collection campaign will be released within the middle of next month. The Large Taxpayers Service (LTS) based in the national office has been given the biggest collection target of Php 915 Billion. The balance of Php 510.2 Billion was assigned to the bureau's 19 regional offices, with Makati getting the highest collection target of Php 148.7 Billion followed by Quezon City with Php 121.4 Billion. The typhoon and earthquake ravaged areas in Eastern and Central Visayas got lower collection assignments. Cebu-Bohol and Leyte-Samar revenue regions got allocations of only Php 20 Billion and Php 6 Billion, respectively. Of the expected take of Php 1.4 Trillion, Php 124 Billion will be sourced from excise tax on petroleum, alcohol, cigarette and other chemical products. 
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