BOC beats collection goal, BIR told to go for gold

- Advertisement -

The Bureau of Customs (BOC) has exceeded its collection goal for the month of July by 8.2 percent, the agency said in a statement yesterday.

The BOC said despite the impact of the logistical restrictions brought about by the pandemic to the trade environment, the bureau collected P58.18 billion last month against its target of P53.75 billion, translating to a surplus of P4.43 billion. It exceeded the P49.8 billion generated in July 2020 by 16.83 percent.

The BOC said based on preliminary reports, 14 of the 17 collection districts hit their targets, namely the ports of San Fernando, Manila, NAIA, Batangas, Legaspi, Tacloban, Surigao, Cagayan De Oro, Zamboanga, Davao, Subic, Clark, Aparri and Limay.

- Advertisement -

Year -to- date, the BOC has surpassed its collection goal of P345.58 billion with revenues of P359.93 billion for the first seven months of the year, or a surplus of 4.15 percent.

It also exceeded the P302.9 billion generated in the same period a year ago by 18.83 percent.

Meanwhile, Finance Secretary Carlos Dominguez urged the Bureau of Internal Revenue (BIR) to “go for the gold,” not just to meet but exceed its collection targets this year and beyond.

“There is no room for our revenue efforts to fail. To win this battle for our economic recovery, everything depends on the bureau’s success in raising much-needed revenues,” Dominguez said in his message on the BIR’s 117th anniversary yesterday.

“The pandemic has proven to be a tough foe. We do not know exactly when this will end. This is a test of fiscal stamina. We must be ready for the long haul and keep our powder dry for a protracted battle,” he added.

The Bureau of the Treasury earlier reported that the BIR’s cumulative collection for the first half of the year grew by 7.88 percent to P1.03 trillion from the 2020 comparable outturn and surpassed the revised goal of P1.02 trillion by 1.39 percent.

Dominguez said in a message to reporters that parts of his message in the BIR’s founding anniversary applies to all revenue collecting agencies of the government.

Data shared by Dominguez yesterday showed revenues collected by the government from duties and taxes slapped on fuel have reached P264.52 billion since it started to implement its fuel marking program.

The government has marked 27.27 billion liters of fuel from Sept.r 4, 2019 to July 23, 2021.

The duties and taxes collected by the BOC from fuel products totaled to P234.74 billion.

Excise taxes generated by the BIR from petroleum products amounted to P29.78 billion.

Majority or nearly three-fourths of fuel marked so far by the government is in Luzon, while more than 20 percent and around five percent are in Mindanao and Visayas, respectively.

In terms of fuel type, around 61 percent is accounted for by diesel, more than 38 percent by gasoline with the remaining minimal share taken by kerosene. – Angela Celis

Author

- Advertisement -

Share post: