BOC exceeds 2020 target

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    The Bureau of Customs (BOC) has surpassed its revised annual target collection for 2020 by 6.6 percent.

    The agency said in a statement yesterday it collected P539.66 billion last year, reflecting 106.6 percent of the target collection of P506.15 billion, based on the initial report.

    The BOC attributed this to the improved valuation and intensified collection efforts of all the ports, gradual improvement of importation volume and the government’s effort in ensuring unhampered movement of goods domestically and internationally despite the pandemic.

    The customs agency’s revenue target has been slashed several times in 2020 from the original goal of P731.24 billion as efforts to collect revenues were hampered by restrictions implemented to address the spread of the coronavirus disease 2019.

    The amount generated for 2020 also fell below the 2019 revenues of P630.3 billion by 14.38 percent.

    The BOC said 10 out of the 17 collection districts exceeded their respective targets for 2020, Tacloban, Surigao, Cagayan De Oro, Zamboanga, Davao, Subic, Clark, Aparri and Limay.

    For the month of December, the BOC exceeded its revenue target for the seventh consecutive month, by 9.1 percent, with collections amounting to P47.316 billion, against the target of P43.368 billion.

    Meanwhile, the Department of Finance (DOF) yesterday reported that revenues collected by the government from duties and taxes slapped on fuel has amounted to P170.27 billion, since it started to implement its fuel marking program.

    Data shared by Carlos Dominguez, DOF secretary, to finance reporters yesterday showed the government has marked 17.3 billion liters of fuel from September 2019 to December 24, 2020.

    The duties and taxes collected by the BOC from fuel products totaled to P146.84 billion, covering the period of September 2019 to December 22, 2020.

    Meanwhile, the excise taxes generated by the Bureau of Internal Revenue from petroleum products amounted to P23.43 billion, from December 2019 to December 21 last year.