THE Bureau of Internal Revenue collected P585.58 billion in taxes on net income and profits in the first nine months, up 8.65 percent from collections in the same period last year.
The P585.58 billion is comprised of collection from corporate income tax, individual income tax, withholding tax on wages, capital gains tax and other final withholding tax on certain passive incomes, such as bank deposits and tax on income from government securities.
The tax collection from net income and profit of corporations and individuals, however, was 8.69 percent lower than the collection target, which was set at P641.32 billion.
Total taxes collected from corporations and taxable partnerships amounted to P339.26 billion. The tax includes corporate income and withholding taxes.
The collection from corporations and taxable partnerships represented a 6.96-percent increase from these taxpayers during the same nine-month period last year.
Individual taxpayers, on the other hand, contributed P209.56 billion in taxes from January to September.
These taxes include individual income taxes, withholding taxes on wages, capital-gains taxes and other final withholding taxes.
Withholding of wages from individual taxpayers formed the bulk of this amount, with P171.33 billion in taxes withheld on wages.
The tax collection from individuals increased by 13.87 percent from the collection that was registered during the same period last year.
Taxes collected from income on bank deposits from January to September totaled P10.08 billion, or 4.67 percent lower than the collection on this type of income during the same period last year.
Taxes collected from income from government securities amounted to P26.67 billion, or 1.83 percent lower from the taxes collected from this type of passive income during the same period last year.