The Philippine Bureau of Customs’ (BOC) cash collections grew 11% for the first half of the year to P143.42 billion from P128.55 billion in the same period last year, propelled by higher value-added tax (VAT) collections.
VAT collection for the period reached P111.18 billion, 15% more than last year’s P96.88 billion.
The cash take would have been higher if not for the slowdown in collection of import duties which continue to decline due to lower tariff rate of some commodities under free trade agreements.
Import duties for the first half dipped 8% to P18.61 billion from last year’s P20.2 billion.
Collection from excise taxes grew 20% to P12.19 billion from last year’s P10.77 billion; revenues from other sources increased 11% to P1.43 billion.
The BOC collected P20.33 billion from crude oil imports in the first half, up 17%, while revenues from petroleum products jumped 20% to P23.57 billion.
The volume of dutiable imports rose 16% during the first six months of the year although value increased by only 1%.
The total value of imports for the first half grew to P1.487 trillion from P1.47 trillion.
The value of dutiable goods, mostly non-oil products, rose 11% to P600.36 billion; most petroleum goods enter the country duty-free.
The value of non-dutiable goods decreased 4.5% to P887.13 billion from last year’s P928.88 billion.
Graph Made By Coin by worradmu
Free image courtesy of FreeDigitalPhotos.net
