The Bureau of Internal Revenue District-79 has already met its tax collection target of P1.452 billion for 2012, with more than one month to go before the year ends, its OIC assistant revenue district officer, Alfredo Tolentino, said.

He said there is an estimated surplus collection of P42 million, and projected tax collection of P1.95 billion until end of the year, or a 2.93 percent over-target.

Tolentino attributed the over-collection to the huge one-time transaction that occurred when the Gokongwei Group of companies bought the Herminio Teves Sugar Milling Corporation in Barangay Caranoche, Sta. Catalina town, Negros Oriental. Its operation was taken over by the Universal Robina Sugar Milling Corporation.

The government was able to collect P105 million in revenues from value-added, withholding and documentary taxes, he said.

He added that the P1.95 billion revenue collection will ensure that BIR District-79, that covers Negros Oriental and the island province of Siquijor, will remain in the Billionaires Club of the Bureau.

He said the tax collection performance will benefit the province through a bigger share in the Internal Revenue Allotment of local government units. The district will continue to strengthen its collection programs to further increase the awareness of the people on the importance of paying their obligations promptly and correctly, Tolentino said.*MA

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