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Friday, July 1, 2022

Customs collection up 11.5% to ₧200.5 billion in January-April

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THE Bureau of Customs (BOC) collected P200.46 billion from January to April this year, an 11.5-percent hike compared to the same period a year ago.

The bureau said their collection during the period was P20.72 billion higher than its revenue take of P179.739 billion in the first four months of 2020, according to its preliminary collection report. It also surpassed its 183.174-billion target for the same period by 9.4 percent.

The January to April collection of the bureau this year already included additional revenues from the  Tax Expenditure Fund (TEF) collection of P219.34 million and P300.59 million collection by the Post Clearance Audit Group (PCAG).

For April alone, BOC said it collected P51.277 billion, exceeding its P49.2-billion target by 4.2 percent.

Of the total revenue take for April, additional revenues from the Tax Expenditure Fund  comprised P121 million while the collection from the Post Clearance Audit Group  amounted to P13.65 million.

In the same report, BOC said 11 out of 17 collection districts surpassed its April collection targets this year, namely, Port of San Fernando, Port of Manila, Manila International Container Port, Port of Iloilo, Port of Tacloban, Port of Surigao, Port of Zamboanga, Port of Davao, Port of Subic, Port of Aparri, and Port of Limay.

The bureau has consistently exceeded its monthly revenue collection target since January of this year.

“Indeed, the bureau continues to improve its efficient collection performance through the improvement in volume of importation while maintaining border security and enhanced trade facilitation,” it said.

For this year, the BOC targets to collect a total of P616.7 billion, significantly higher by 21.84 percent than the downgraded 2020 target set for BOC at P506.15 billion.

Last year, the bureau’s total revenue collection reached P537.7 billion, above its revised revenue collection target by 6.2 percent.

Read full article on BusinessMirror

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