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BOC exceeded collection target in Q1

By: - Reporter / @bendeveraINQ
/ 12:22 AM April 26, 2017

The Bureau of Customs (BOC) not only posted a double-digit collections growth in the first quarter but also exceeded its three-month goal as the majority of its collection districts surpassed their respective targets, the country’s second biggest tax agency said on Tuesday.

In a statement, the BOC said its collections of import duties and other taxes from January to March rose 15.6 percent to P104.9 billion from P90.8 billion a year ago.

The BOC also exceeded by 0.6 percent its P104.3-billion target for the period.

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According to the BOC, 10 out of its 17 collection districts surpassed their respective first-quarter target collections, hence “improving the bureau’s collection performance.”

The following collection districts exceeded their targets: Limay at P6.859 billion, 4 percent higher than its P6.828-billion target; Subic, P4.271 billion, 16.2 percent higher than its P3.677-billion target; Davao, P3.648 billion, 15.8 percent higher than its P3.151-billion target; and Cagayan de Oro, P3.047 billion, 16 percent higher than its P2.624-billion target.

Also surpassing their respective first-quarter collection goals were San Fernando, Iloilo, Clark, Legaspi, Zamboanga and Tacloban.

The Port of Manila and the Manila International Container Port’s first-quarter collections reached P31.947 billion and P16.088 billion, respectively, which the BOC said were “nearing their collection targets.”

As the BOC surpassed its first-quarter target, Customs Commissioner Nicanor E. Faeldon earlier expressed confidence that its full-year goal of P468 billion was “achievable.”

“With the strong implementation of the Customs Modernization and Tariff Act and our intensified operations against smuggling, I am positive that we will be able to achieve, or even exceed our 2017 revenue goal,” Faeldon said early this month.

In 2016, the total amount of import duties and other taxes collected by the BOC rose 8 percent year-on-year to P396.4 billion despite falling short of the P409-billion target.

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TAGS: Bureau of Customs (BOC), collections growth, import duties, taxes
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