NextGen Day

After collecting a total of PHPP862.929 billion for 2022, the Bureau of Customs (BOC) has already generated its greatest year revenue collection.

According to the preliminary data made public on Friday, the amount collected was PHP141.409 billion more than the bureau’s goal collection of PHP721.52 billion or 19.6 percent more.

When compared to the PHP643.562 billion in revenue collected in 2021, the performance of revenue collection in 2022 similarly demonstrated a growth of 34.1 percent, or PHP219.367 billion.

It was the first time in its history that all ports exceeded their yearly collection targets, according to the BOC Financial Service, and brought in its largest revenue to date.

The Post-Clearance Audit Group (PCAG) collected PHP1.840 billion in unpaid customs duties, taxes, fines, and interest, exceeding its PHP1.522 billion target collection by 16% and its 2021 collection goal by 21%.

Through the August 2022 implementation of the Computer-Aided Risk Management System (CARMS), the group strengthened the BOC Post Clearance Audit and Post Modification. The solution gives dealers vital data they need to gauge and enhance Customs compliance.

Additionally, the bureau was able to generate PHP 292 million by selling off overstaying cargoes like confiscated, forfeited, or abandoned containers at public auctions.

The sale of such cargo increases government money and frees up space at the ports to facilitate trade more effectively.

A further source of income is the PHP22.8 billion in rice tariff receipts.

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