Tax collection from large companies increased 9.3 percent last year to P963 billion from a year ago, but fell short of the P1-trillion target, the Bureau of Internal Revenue said Monday.
BIR said its Large Taxpayers Service division missed the P1-trillion collection target by 3.7 percent. However, it increased from P885 billion in 2015 and doubled from P457 billion in 2010.
The LTS collection in 2016 accounted for the biggest share in BIR’s total revenues.
Classified as large taxpayers by the BIR are conglomerates, their subsidiaries and affiliates, multinational companies, universal/commercial and foreign banks and companies with an authorized capital of at least P300 million.
The LTS collected taxes from 2,320 large corporate taxpayers and contributed 62.44 percent of the BIR’s revenue collection last year.
The division was given the task to collect P1.105 trillion this year.
LTS assistant commissioner Teresita Angeles, who leads a team of 561 revenue officials and personnel, said she expected to breach the P1-trillion collection mark this year.
Angeles described the 2017 collection target of LTS as “huge but achievable.”
The BIR set a collection goal of P1.829 trillion for the entire agency in 2017, up from P1.620 trillion in 2016.