The Philippine Online Chronicles

The Bureau of Internal Revenue (BIR) has surpassed its October collection last year, and that the bureau is performing well to meet the P62.5 billion target for the previous month, the chief tax official said Thursday.

Commisioner Kim Jacinto-Henares said that BIR's collection last October was “better” than its target, and that it exceeded the bureau's P54.6 billion collection in the same month last year, ABS-CBN news reports.

“It seems to be a better month for us,” she told reporters. This came as the bureau is still waiting for the total collections due in the middle of November.

“Uploading of [all] collection data is not yet finished. [Release of total collections] will be on the 15^th [of the month],” said Deputy Commissioner Nelson Aspe, as quoted by BusinessWorld.

The Philippine Star meanwhile reports that in September, the BIR targeted a collection of P59.89 billion but was reportedly able to collect P60.96 billion, seeing a P1.06 billion increase.

Challenge to meet

In January to September, the BIR reportedly collected P607.33 billion, compared to the P557.035 billion revenue collected during the same period last year, showing a nine percent growth rate to this year's cumulative figure.

However, this was P30.74 billion short of the BIR's P638.07 billion January to September revenue target.

The tax bureau reportedly upgraded its P830 billion annual collections target to P860 billion after the country posted a surprising economic growth of 7.9 percent during the first half of 2010, a goal which Henares has reportedly admitted is a “challenge” for BIR to meet.

“The P839 billion is doable, but the P860 billion is hard to attain," ABS-CBN news quoted her. “We will strive to meet the P860 billion target.”

Henares said that the BIR has reportedly improved its tax administration efforts and is filing cases against tax evaders before the Department of Justice every other week.

A tax is money paid to the government by citizens or entities, according to CNN's financial encyclopedia. Failure to pay may result in personal charge.