BIR exceeds January-May collection target

The Bureau of Internal Revenue (BIR) on Thursday said it has surpassed its collection goal for the January to May 2023 period on the back of tax enforcement initiatives.

In a statement, the BIR said it collected P1.056 trillion in the first five months of the year, exceeding its collection goal for the period by P1.331 billion.

Year-on-year, the BIR also recorded a 9.94% or P95.454 billion collection growth from the same period last year.

“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,” said BIR Commissioner Romeo Lumagui Jr.

For the entire 2023, the BIR has set a collection target of P2.599 trillion, higher than 2022’s actual collection by 10.95% or by P256.444 billion. —Ted Cordero/ VAL, GMA Integrated News