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Business

BOC exceeds May collection target

Czeriza Valencia - The Philippine Star
BOC exceeds May collection target
During the month, the BOC collected P49.334 billion against the collection target of P46.276 billion.
STAR / File

MANILA, Philippines — The Bureau of Customs (BOC) has surpassed its May collection target by 6.6 percent on improved valuation and volume of inbound shipments.

During the month, the BOC collected P49.334 billion against the collection target of P46.276 billion.

This included additional revenues of P50.16 million from the Tax Expenditure Fund (TEF), which represents import duties and taxes of state-owned firms, and collection of P86.26 million from post clearance audit operations conducted to ensure the proper valuation and taxation of imports.

Customs has exceeded its monthly collection targets since January this year.

Twelve of the 17 collection districts exceeded their target for the month. These were the ports of San Fernando, Manila, the Manila International Container Port, Batangas, Legaspi, Iloilo, Tacloban, Surigao, Cagayan de Oro, Davao, Subic and Clark.

Year-to-date Customs collections reached P249.793 billion since January, making up 40.50 percent of the 2021 target collection of P616.749 billion.

The BOC attributed the positive revenue collection performance to the improved valuation and volume of importations, as well as to the intensified collective efforts of all the ports to prevent revenue leakages and collect all lawful revenues.

BUREAU OF CUSTOMS

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