From the Bureau of Internal Revenue, Department of Finance
For the month of June 2014, the Bureau of Internal Revenue collected P94.12 billion in tax revenues, P5.36 billion or 6.04% more than collections made in June 2013. For June 2014, collections from BIR operations amounted to P91.63 billion, P5.35 billion or 6.20% more than collections made in June 2013. Collections from non-BIR operations amounted to P2.49 billion, P12.85 million or or 0.52% more than the collections made in June 2013.
Collections by the Regional Offices amounted to P34.92 billion, or P3.95 billion or 12.74% more than the collections made in June 2013. While collections by the Large Taxpayers Service amounted to P56.71 billion, or P1.4 billion or 2.53% more than the collections made in June 2013.
For the first half of the year, the BIR collected P643.21 billion, P49.5 billion or 8.34% more than the collections made in the first half of 2013. Collections from BIR Operations amounted to P624.71 billion, P49.87 billion or 8.68% more than collections made in the first half of 2013. However, collections from non-BIR operations amounted to P18.5 billion, P374.84 million or 1.99% less than collections made in the first half of 2013.
Collection by the Regional Offices in the first half of the year, amounted to P233.53 billion or P26.66 billion or 12.89% more than the collections made in the first half of June 2013. While collections by the Large Taxpayer Service amounted to P391.18 billion or P23.21 billion or 6.31% more than collections made in the first half of 2013.
The Bureau of Internal Revenue notes that there is a slowdown in the growth of tax collection which may be caused by (1) the slowdown in government spending and (2) slowdown in business activities brought about by the problem of businesses not being able to have their goods released from the ports.
The tax compliance of the taxpayers in the Large Taxpayer Service needs to be closely monitored, especially with regard to VAT. To this end, the Commissioner of Internal Revenue have instructed the Large Taxpayers Service (LTS) headed by OIC-ACIR Nestor S. Valeroso to conduct an intensive audit of the returns filed by the large taxpayers including but not limited to their value added tax returns. The VAT Audit Group of the LTS have been reinvigorated and will work full time in implementing quality short VAT audit to correct taxpayer errors and detect violations with the end in view of improving VAT compliance. The LTS were instructed to specifically look into the tax compliance of the financial and insurance sector. The LTS were also instructed to assist in the filing of tax evasion cases if so warranted.
Total June collection target is P107.4 billion.
