THE Bureau of Customs (BOC) will likely miss its December collection target by about P4 billion.
As of December 28, 2011, the agency booked cash collections of P18.99 billion. This compares to the full month’s target of P23.1 billion and December 2009 revenues of P18.86 billion.
The December deficit is, however, less than the P5-billion shortfall recorded in November, P6.25 billion in October and P3.87 billion in September — and could narrow even further once the tax expenditure fund (TEF) is factored in.
TEF represents paper payments to BOC of government agencies such as the National Food Authority for their imports.
For the entire 2011, BOC expects to rake in P251.58 billion, P29 billion off its P280.68-billion target. Despite likely missing its overall goal, BOC may see a P29.14-billion rise in cash collections year-on-year.
For 2011, the agency has a P320-billion collection target, P40 billion more than its 2011 goal. Of this year’s total, P306 billion may come from cash collections, up P65 billion from 2011’s target of P241.68 billion.
TEF is expected to reach P14 billion, down 64% from last year’s goal of P39 billion.
