The Bureau of Internal Revenue (BIR) has announced that its collection for the month of July has exceeded the set target, showcasing a remarkable performance in revenue collection. Under the leadership of BIR Commissioner Romeo Lumagui, Jr., the agency achieved a collection that surpassed expectations, bolstering the country’s financial stability.
According to reports from the Presidential Communication Office, the initial collection target for July was set at 5.09%, equivalent to Php13.224 billion. However, the actual collection for the month soared to an impressive Php273.134 billion, surpassing the target by a considerable margin.
The reported collection represents a substantial increase of 38.37%, equivalent to Php75.744 billion when compared to the tax collection figures for the same period in the previous year. This significant growth underscores the BIR’s commitment to effectively managing revenue streams and maximizing fiscal gains for the nation.
Notably, the cumulative collection figures for the year 2023, spanning from January to July, also reflect a remarkable upward trajectory. The Total Gross Collection of the BIR stands at a staggering P1.492 trillion (net of tax refund), marking an impressive growth of 12.21%, or P162.404 billion, compared to the tax collection figures for the same period in the preceding year.