Customs exceeds collection target in May

June 10, 2017July 4, 2017 Planet Philippines (Full Attribution Below) 1470 Views 0 Comments

MANILA, Philippines – The Bureau of Customs (BOC) collected P39.34 billion in May, exceeding the P38.28-billion target for the month, the Department of Finance (DOF) said yesterday.

Citing Customs Commissioner Nicanor Faeldon’s report to Finance Secretary Carlos Dominguez, the DOF said the bureau’s collection in May rose by 23.52 percent from the P31.85 billion recorded in the same month last year.

Total collections from January to May amounted to P176.06 billion, 1.69 percent short of the year-to-date target of P179.08 billion, but 13.54 percent higher than the P155.06 billion recorded in the same period in 2016.

BOC spokesperson Mandy Anderson said the higher collection in May was brought about by the growth in volume and value of imports, as well as higher foreign exchange rates and oil prices.

Broken down, the BOC said the May collections consisted of P39.27 billion in cash revenue and P70 million from the Tax Expenditure Fund.

The TEF is a government fund which covers customs duties and taxes for the importation of state agencies.

As for the January to May period, cash revenue amounted to P175.62 billion, while collections from the TEF stood at P440 million, Faeldon said.

The BOC is the second largest tax collecting arm of the government, traditionally contributing about 20 percent of total tax revenues.

Earlier, the BOC reported that it collected P104.9 billion in taxes and other tariff in the first quarter, exceeded its P104.28 billion target set for the period.

The agency is targeting to hit P468 billion in collections this 2017, up from its 2016 level of P396.37 billion.

(Article and Image from www.philstar.com)