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The Bureau of Customs exceeded its October collection target by 3.9%
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The agency took in P89.502 billion in October compared to the P86.102-billion target
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For the first ten months of the year, BOC collected P784.54 billion, going beyond its collection target of P779.990 billion slightly 0.6%
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The ten-month take is also 6% higher than the P740.095 billion collected in the same period in 2023
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An additional P3.35 billion was collected from tax credit certificates, significantly boosting overall revenue
The Bureau of Customs (BOC) exceeded its October collection target by 3.9%, taking in P89.502 billion vis-a-vis its P86.102-billion target.
From January to October, BOC collected P784.54 billion, in slight excess (0.6%) of its goal of P779.990 billion.
The ten-month take is also 6% higher than the P740.095 billion collected in the same period in 2023, the customs bureau said in a statement.
The collection includes contributions from the value-added tax refund program and implementation of the fuel marking program. An additional P3.35 billion was collected from tax credit certificates, significantly boosting overall revenue.
BOC said the growth in revenue collection underscores its “dedication in ensuring accurate duty and tax collections through rigorous verification of imported goods’ values and classifications.”
“Enhanced partnerships with other government agencies played a key role, as well as streamlining procedures and supporting secure trade facilitation,” it added.
This year, the BOC is tasked to collect P959 billion, 9.7% higher than its 2023 target of P874.166 billion. The 2024 target is also 8.5% more than last year’s P883.624 billion actual collection.
