BOC tax collection exceeds April target at P47.394B

The Bureau of Customs (BOC) has exceeded its revenue target for the third straight month in April.

This as BOC chief Isidro Lapeña expressed confidence that they would continue to surpass revenue targets until the end of 2018.

In a statement on Thursday, Lapeña said the BOC collected a total of P47.394 billion in April, recording a P930 million revenue surplus from its target of P46.464 billion.

“This is 50.4% percent higher than the P31.503 billion collection for the same period in 2017,” Lapeña noted.

“I always tell the Bureau officials and employees, we can hit the target every month.  We only just have to apply the correct valuation and collect what is due the government. I think we can continue this trend until December,” he said.

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Of the 17 ports across the country, Lapeña said 14 were able to exceed their respective targets in April.

The BOC chief attributed the performance to “improved and correct valuation and tariff classification” as well as higher excise tax implemented through the Tax Reform for Acceleration and Inclusion (TRAIN) law.

“The enhanced revenue collection performance is attributed to the improved and correct valuation and tariff classification being implemented on the ground,” Lapeña said.

“The Bureau generated higher excise tax this month due to the effective implementation of the Tax Reform for Acceleration and Inclusion (TRAIN) law,” he also said.

Further, Lapeña explained that the increase in fuel prices and peso-dollar exchange ratios likewise contributed to the increased revenue collection.                       /kga