July 2, 2021

In June, Customs reports an excess of P5-B collection

It was announced on Thursday that the Bureau of Customs (BOC) had collected a total of PHP52.447 billion in June, resulting in an 11.2 percent surplus.

According to the first data from the BOC Financial Service, the amount collected is PHP5.272 billion more than the bureau’s projected collection of PHP47.175 billion for the month of December last year.

Additional collections of PHP157.06 million and PHP148.73 million from the Tax Expenditure Fund (TEF) and the Post Clearance Audit Group (PCAG) are included in the revenue, which is in addition to the collections from the 17 port terminals and the Tax Expenditure Fund.

This is the bureau’s sixth month in a row in which it has collected more than the previous month.

To far, the BOC has collected PHP302.744 billion in the first six months of 2021, exceeding its midyear collection goal of PHP291.833 billion by 3.7 percent, or PHP10.911 billion, and above its midyear collection target of PHP291.833 billion by PHP10.911 billion.

It is also worth noting that the overall collection for the first half of this year is greater by PHP49.653 billion than the total collection for the first half of last year, which was PHP253.091 billion.

Among the factors contributing to the bureau’s strong performance were its better valuation systems, which were digitized and updated, the progressively improving economy, which resulted in a larger volume of importations, and the increased collection efforts of all districts.

PHOTO: Courtesy of Bureau of Customs (BOC)

0 0 votes
Article Rating
Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments
0
Would love your thoughts, please comment.x
()
x