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The Bureau of Customs has increased its 2022 internal collection target to P699 billion
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This is on account of a requirement to collect additional revenues for VAT refund
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BOC’s official revenue goal is P679 billion for 2022
The Bureau of Customs (BOC) is confident it will hit its P679-billion collection target for 2022 and has now jacked up its internal goal to P699 billion.
The higher internal target is on account of the agency being required to collect additional revenues for value-added tax refund, according to Customs commissioner Rey Leonardo Guerrero in an online media briefing on January 27.
The P679-billlion official target is 10.1% higher than the 2021 goal of P616.749 and 5.1% more than the P645.765-billion actual collection for the same period.
Despite the pandemic, the customs bureau has been surpassing its annual revenue collection targets since 2020.
It earlier attributed its performance to “improved valuation, intensified enforcement operations against illegal importations, improved compliance by traders to customs laws, the gradual improvement of importation volume, and the government’s effort in ensuring unhampered movement of goods domestically and internationally considering the pandemic situation.”
