Postaudit of rice imports yields P1.4B in taxes | Inquirer Business
Close  

Postaudit of rice imports yields P1.4B in taxes

/ 05:04 AM September 24, 2020

The Bureau of Customs’ (BOC) postaudit of rice imports has yielded at least P1.4 billion worth of previously unpaid duties and other fees as a result of undervaluation.

In a statement on Wednesday, the BOC said there were 245 private importers that facilitated the entry of rice shipments from March 5 to June 20 at the height of the longest and most stringent COVID-19 quarantine in the region.

ADVERTISEMENT

The BOC said that among these firms, “60 entities with the greatest number of incidents of deviation and the highest percentage discrepancies in duties paid were selected for transaction-based audits.”

Citing the audit results, the BOC said “auditees were found liable for the payment of P1,417,167,368.10 in customs duties, penalties, surcharges and interest due to undervaluation, misclassification and/or understatement of freight and insurance charges.”

FEATURED STORIES

Also, the BOC said “undervaluation of declared customs value remains the primary risk in revenue collection from rice imports, accounting for P497,941,773.72, or 36.08 percent, of the total deficiency assessment.”

“In terms of the level of compliance, the audit findings show a low level of compliance among the audited importers, as 47 auditees, or 85.45 percent, were found to have violated customs laws and regulations. Meanwhile, eight auditees were found to have properly declared their goods and provided pertinent documentary requirements as stipulated in the Customs Modernization and Tariff Act,” the BOC said.

“On the other hand, audit examination and investigation of the five auditees were deferred due to its pending dispute settlement proceedings with the respective ports of entry,” the BOC added.

The BOC warned that legal measures and penalties would be imposed on importers found involved in the smuggling of agricultural products and other commodities into the country. —BEN O. DE VERA

Subscribe to Inquirer Business Newsletter
Read Next
Don't miss out on the latest news and information.

Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. Call 896 6000.

TAGS: Bureau of Customs (BOC), postaudit, rice imports
For feedback, complaints, or inquiries, contact us.


© Copyright 1997-2020 INQUIRER.net | All Rights Reserved

We use cookies to ensure you get the best experience on our website. By continuing, you are agreeing to our use of cookies. To find out more, please click this link.