Friday, June 17, 2011

BIR collections for May 2011 expand by 11.5%; analysts doubt reports

MANILA, Philippines (Mindanao Examiner / June 17, 2011) - The Bureau of Internal Revenue said collected some P88.15 billion for the month of May.

It said the collection surpassed last year's P79.05 which was equivalent to 11.5%.

For the first five months, it said taxes have reached about P391 billion, also surpassing last year's collections for the same period, which amounted to P344 billion.

Despite these improved numbers, BIR Commissioner Kim Henares acknowledged that much remains to be done.

"We will do all that we can to improve our performance further in the coming months as well as for the longer term because the country needs every single centavo for its poverty reduction programs,” Henares said.

Earlier this year, the BIR began instituting much needed reforms by studying ways to improve its business processes and systems. They also introduced their strategic plan, which lists priority programs and will serve as the BIR's roadmap for reforms over the next 5 years.

But analysts said collections are expected to increase because of new businesses that sprouted in the country. And said that Henares' revenue reports were actually small compared to the volume of trades and income generated by these new establishments in the country. (Mindanao Examiner)

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