BIR misses June collections-A A +A
Friday, July 18, 2014
THE Bureau of Internal Revenue (BIR) has failed to meet its target collections for June as it only generated P94.12 billion for the month.
The main revenue collecting agency's collection goal for June was P107.4 billion.
But the BIR said that its June revenue collections were P5.36 billion or 6.04 percent higher than the collections made a year ago.
For the first half of the year, the BIR collected P643.21 billion, P49.5 billion or 8.34 percent more than the collections made in the first half of 2013.
The BIR noted that there was a slowdown in the growth of tax collection, which may be caused by the slowdown in government spending and in business activities brought about by the problem of businesses not being able to have their goods released from the ports.
Meanwhile, BIR Commissioner Kim Henares warned that tax compliance of the taxpayers in the Large Taxpayer Service (LTS) needs to be closely monitored, especially with regard to value added tax (VAT).
With this, she ordered the LTS headed by OIC-ACIR Nestor Valeroso to conduct an intensive audit of the returns filed by the large taxpayers including but not limited to their VAT returns.
"The VAT Audit Group of the LTS has 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," she said.
Henares instructed the LTS to specifically look into the tax compliance of the financial and insurance sector.
She also ordered this division to assist in the filing of tax evasion cases if so warranted. SDR/Sunnex)