BOC tax take soared to P 84B in July

Customs collections reached P84 billion in July, the highest in a single month for the Bureau of Customs (BOC), preliminary data show.

The BOC said in a statement July’s intake was 39 percent or P23.6 billion more than the target collection of P60.8 billion.

The amount posted last month includes additional revenues from the Tax Expenditure Fund (TEF) collection of P1.13 billion and Post Clearance Audit Group (PCAG) collection of P527.65 million.

July revenues brought seven-month collections—January to July—to a total of P481.14 billion.

January to July collection includes P2.56 billion in additional revenues from the TEF collection and P1.37 billion in PCAG collection.

Improvements

This was 24 percent or P92.5 billion higher than the goal of P388.6 billion for the period.

Also actual seven month revenues surged by 34 percent or P122.2 billion compared to P358.92 billion recorded in the same period of 2021.

According to the BOC, the double-digit improvements can be attributed to the agency’s digitized and modernized systems, the gradually improving economy resulting in higher volume of imports, and the intensified collection efforts of all customs districts—“preventing revenue leakages and collecting of all lawful revenues.” INQ