MANILA, Philippines = The Bureau of Internal Revenue fell short by P1.2 billion in its collection of tobacco taxes in the first half of the year.
But BIR Commissioner Kim Henares remains confident the agency will be able to meet its P51.66 billion full-year collection target for excise tax on cigarettes.
"Why highlight the P1.2 billion shortfall without looking at the 53% year-on-year growth? Who can say that the law isn't properly working if revenues increased significantly from only P14 billion last years?” she said.
In the first half, the BIR reported that excise tax collection from tobacco products grew by 53% to P22.38 billion, but fell short of the P23.5 billion target. During the first half of 2012, the BIR collected only P14 billion.
The government began implementing the new excise tax law in January.
Henares downnplayed the shortfall in tobacco excise taxes, saying the figure is insignificant since the BIR's full-year target is P1.253-trillion.
"I’m not bothered by this shortfall in excise tax collection from cigarettes because we can easily recover that. There are so many other things in the agency that deserve my utmost attention," she said.
But BIR Commissioner Kim Henares remains confident the agency will be able to meet its P51.66 billion full-year collection target for excise tax on cigarettes.
"Why highlight the P1.2 billion shortfall without looking at the 53% year-on-year growth? Who can say that the law isn't properly working if revenues increased significantly from only P14 billion last years?” she said.
In the first half, the BIR reported that excise tax collection from tobacco products grew by 53% to P22.38 billion, but fell short of the P23.5 billion target. During the first half of 2012, the BIR collected only P14 billion.
The government began implementing the new excise tax law in January.
Henares downnplayed the shortfall in tobacco excise taxes, saying the figure is insignificant since the BIR's full-year target is P1.253-trillion.
"I’m not bothered by this shortfall in excise tax collection from cigarettes because we can easily recover that. There are so many other things in the agency that deserve my utmost attention," she said.
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