Home » Customs & Trade, Exclusives, Ports/Terminals » P677B revenue collection goal for 2019 doable, says BOC chief

Customs Commissioner Rey Leonardo Guerrero is confident of meeting the Bureau of Customs’ (BOC) P677-billion 2019 revenue collection target.

In a text message to PortCalls, Guerrero said meeting this year’s goal, 15.8% higher than last year’s P584.881 billion, requires “strict implementation of customs rules and regulations.” The strategy includes, among others, correct valuation/assessment of commodities and taxes due; streamlining of processes and enhancement of computer systems to facilitate trade and eliminate opportunities for corruption; daily monitoring and close supervision of collection; and strict enforcement of border control measures to eradicate smuggling and boost revenue collection.

Higher excise tax of several commodities including tobacco, alcoholic beverages, and fuel under the second tranche of the Tax Reform for Acceleration and Inclusion (TRAIN) law; and implementation of BOC’s fuel marking system set for the first week of March are expected to contribute to the revenue goal, Guerrero said.

Marking of petroleum products, whether imported or manufactured in the Philippines, will become mandatory five years after TRAIN took effect in January 2018.

Fuel marking is required on all petroleum products that are refined, manufactured, or imported into the Philippines and are subject to payment of duties and taxes such as gasoline, denatured alcohol used for motive power, kerosene, and diesel fuel oil after the taxes and duties have been paid. The program is seen to curb oil smuggling and plug revenue losses arising from illegal importation or misdeclaration of the commodity.

BOC in 2018 finally hit its annual collection target after collecting P585.542 billion. Last year’s annual collection target was, however, cut by P10 billion from the initial goal of P594.881 billion since the customs agency’s fuel marking system still has to be implemented.

Aside from achieving its 2019 annual target, BOC is also aiming for another milestone–hitting its January 2019 revenue target of P46.7 billion.

BOC assistant commissioner Atty. Vincent Philip Maronilla, during the agency’s flag ceremony on January 14, said the January revenue target has for years been an “elusive milestone” that is now doable, noting that BOC actually recorded last week its highest daily collection for January.

In a text message to PortCalls, Maronilla said January and February have traditionally been slow months, with the former following the usually peak “ber’ months and February being the Chinese inventory month. Last year, BOC was also able to succeed with its February target.

Earlier, Guerrero said that while the BOC continuously looks for ways to stop corruption, improvement of the bureau’s revenue collection performance would remain a top priority.

“We still need to strengthen our collection efforts and do better to achieve our goal of a consistent and enhanced collection performance,” he said. – Roumina Pablo

No comments yet... Be the first to leave a reply!

Leave a Reply

Your email address will not be published. Required fields are marked *

2 × two =

Close
Please support the site
By clicking any of these buttons you help our site to get better
Social PopUP by SumoMe
Copy Protected by Chetan's WP-Copyprotect.