BIR hits end-May ’23 collection goal

MANILA – Bureau of Internal Revenue (BIR) Commissioner Romeo Lumagui Jr. is confident that the agency will hit its 2023 collection goal through intensified enforcement activities. In a statement on Thursday, the agency reported the nearly 10 percent year-on-year rise of its end-May 2023 collections to PHP1.056 trillion from almost PHP958.99 billion last year. It said this level is PHP1.331 billion higher than the agency’s collection target for the first five months this year. But for the month of May alone, the agency collected PHP213.27 billion, lower than the previous month’s PHP336.02 billion, which authorities said is normally the highest for the year given the income tax filing month. It is also slightly lower than BIR’s May 2022 collection of PHP216.62 billion. For this year, the agency has been tasked to collect PHP2.599 trillion, higher than its PHP2.336 trillion collections in 2022. ‘With the intensification of the bureau’s tax enforcement activities, specifically on the campaign against sellers and buyers of fake receipts, we are confident that the BIR can attain, if not surpass, its annual collection target this year,’ Lumagui said. (PNA)

Source: Philippines News Agency