Customs overshoots Q1 target

THE Bureau of Customs has exceeded its first-quarter collection goal by more than 5%, so far recording three consecutive months of such performance in the first year of implementation of a law rewarding over-performing revenue officials with cash incentives. Preliminary date showed the agency raked in P15.6 billion from March 1 to 27, already P1.6 billion higher than the target of P14 billion for the month and 37% higher compared to last year. March, so far, has been the best-performing month for the BOC exceeding target by some 11%. BOC also exceeded its January and February targets. For the quarter, the BOC collection reached P40.5 billion, 5.5% higher than the P38.386-billion goal for the period. The figure is also 30% higher than the P31.2 billion posted a year earlier. BOC said the figure still does not include the P1.2 billion in taxes and duties on imports made by government entities last month. Customs is set to collect P197 billion this year, 39% more than last year’s P141.7 billion. The finance department decided to increase the BOC target to P197 billion to account for non-cash items as well as additional revenues from the new value-added tax law. BOC is expected to collect P27 billion more this year as a result of the imposition of the sales tax on petroleum products.