NextGen Day

The Bureau of Internal Revenue (BIR) reported on Thursday that receipts of PHP186.759 billion were 1.48 percent more than its collection target for October 2022.

The agency, which is responsible for collecting around 70% of government revenue, stated in a statement that its revised objective for the tenth month of this year is PHP184.03 billion.

“The October 2022 net tax collection of PHP186.759 billion is higher by 15.20 percent or PHP24.644 billion compared to the BIR’s actual collection for the month of October 2021 (net of a tax refund),” it stated.

The BIR collected PHP162.115 billion in October 2021.

The agency’s collections as of the end of October this year totaled PHP1.919 trillion.

In comparison to the same period in 2021, when collections were PHP1.705 trillion, BIR reported that year-to-date revenues have increased by 12.56 percent, or PHP214.213 billion.

The revised BIR objective of PHP 1.974 trillion for the specified period was “more than 97 percent” attained thanks to the “mentioned collections,” it was noted.

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