Customs collections jumped 12% in 2017

Import duties and other taxes collected by the Bureau of Customs in 2017 grew 12 percent to P444.1 billion, although this fell short of the target, the latest preliminary data on the agency’s website showed.

The tax take of the country’s second-biggest revenue agency last year exceeded the P396.4 billion recorded in 2016. However, its actual collections did not meet the P459.6-billion adjusted target for 2017.

BOC data showed that the agency surpassed its monthly targets only in January, March and May.

The BOC had nonetheless noted that it recorded its highest-ever monthly collection of P46.5 billion in November, although still short of the P50.1-billion goal that month.

From September to November, monthly collections breached the P40-billion level.

In December, the BOC’s take amounted to P30.2 billion, lower than the P35.1-billion target.

Customs Commissioner Isidro S. Lapeña had said that he was optimistic of improved collections last year on the back of “the continued efforts of the bureau to improve customs procedures and trade facilitation.”

Lapeña in August replaced former BOC chief Nicanor E. Faeldon following the latter’s resignation amid corruption allegations.

For 2018, the BOC had been tasked to collect P637.1 billion in revenues, expected to be boosted by the first tax reform package signed by President Duterte in December, which raised excise taxes on oil products and vehicles.

SOURCE: www.inquirer.net

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