THE strength of the Philippine peso and zero tariff on oil imports continued to put pressure on the Bureau of Customs’ (BOC) revenue collection.

Preliminary BOC data for the first ten months of the year showed the agency collected P209 billion or P21.43 billion short of its target of P230.65 billion.

For October alone, revenues reached P18 billion, down 33% from the goal of P27 billion, the agency’s highest monthly target for 2011. Final collection figures for the oil port of Limay and Aparri, estimated at P3 billion, are unlikely to have a positive impact on October revenues, the agency said.

The depressed October collection was also caused by heavy use of tax credits by oil companies and the implementation of zero tariff on imported motor vehicles from Japan.

In addition, the BOC said the impending reshuffle of Customs officials is demoralizing many district collectors. The reshuffle will likely immediately take place after the election ban is lifted this week.

Of the 10-month collection, P188.45 billion represented cash revenues and P20.78 billion the tax expenditure fund or paper revenues arising from imports of other government agencies.

BOC has a full-year target of P280.68 billion.

You May Also Like

Tax cut could lead to repatriation of $2T of US overseas investment—report

The United States “Tax Cuts and Jobs Act” will have significant implications for global foreign direct investment (FDI) patterns, affecting multinational enterprises and foreign…

Internal reforms among PH Customs chief’s achievements in first 100 days

Customs Commissioner Nicanor Faeldon said he introduced a slew of reforms in his first 100 days in office as head of a government agency…

Singapore, HK exports hurting as global economic activity remains low

Both Singapore and Hong Kong, whose economies are heavily dependent on external trade, continue to be affected by the global economic inertia. Singapore’s non-oil…

Mobile phones confiscated at NAIA

Mobile phones and chargers brought in by an airline passenger who reportedly could not produce the required import permit were recently seized by agents…