The Bureau of Internal Revenue (BIR) saw a 12.21% jump in tax collections during the first seven months of the year, showcasing its efforts to boost its revenue base.
The BIR reported that the gross collection from January to July reached P1.49 trillion (net of tax refund), marking a significant increase of P162.4 billion compared to the corresponding period last year.
July proved to be a standout month, with tax collections growing 38.37% to P272.13 billion.
The collections for the given timeframe surpassed the projected target by 5.09%, translating to a substantial P13.22 billion excess.
For the entire year, the BIR has set a collection target of P2.64 trillion, a 12.9% rise from the actual collection recorded in 2022., banking on heightened tax enforcement activities, particularly aimed at curbing the circulation of counterfeit receipts.
The agency’s partnership with multi-sectoral groups is also expected to contribute to the improvement of taxpayer services.
BIR Commissioner Romeo Lumagui Jr. expressed optimism about achieving or even surpassing the annual collection target.
“With the intensification of the Bureau’s tax enforcement activities… we are confident that the BIR can attain, if not surpass, its annual collection target this year,” he said.