The Bureau of Internal Revenue (BIR) slightly exceeded its goal for the first two months of the year as it posted a double-digit annual increase for that period.
In a statement yesterday, the BIR said it was able to surpass its collection target for January to February of P445.54 billion, and increase its collection year-on-year by more than 24 percent.
As of February 2024, the bureau has generated P446.42 billion, higher by P87.34 billion compared to tax collections for the same period last year.
“With the continuing intensification of the bureau’s tax enforcement activities, specifically on the campaign against sellers and buyers of fake receipts, and with our concerted efforts to deliver excellent service to taxpayers… we hope to encourage and increase voluntary compliance from our taxpayers,” BIR commissioner Romeo Lumagui Jr. said.
For this month alone, the BIR has a collection target of P405.95 billion.
Traditionally, the BIR has its highest monthly collection goal in April as it coincides with the deadline of the filing of annual income tax returns and payment of taxes due thereon for the preceding taxable year.
For 2024, the BIR’s collection target is set at P3.055 trillion, higher than the 2023 actual collections by 21.38 percent.
