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P290-billion revenue in June 2022 was the BOC’s highest monthly collection in history and 35.5% higher than the P56.287-billion target for the month
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The collection includes P301 million revenue from the Tax Expenditure Fund and P115.97 million collection by the Post-Clearance Audit Group
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14 of the 17 collection districts surpassed their June collection targets
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BOC exceeded midyear target of P327.812 billion by 21.05% with actual collection of P396.804 billion
The Bureau of Customs (BOC) has recorded revenues of P76.290 billion in June 2022, its highest monthly collection in history and exceeding by 35.5% its P56.287-billion target for the month.
The June 2022 historic collection broke the previous highest monthly revenue record of P70.778 billion in March, BOC said in a statement.
READ: BOC posts highest-ever monthly revenue of P70.7B in March
The June collection includes P301 million revenue from the Tax Expenditure Fund and a P115.97 million collection by the Post-Clearance Audit Group.
It was also BOC’s sixth consecutive month of surpassing its monthly revenue target this year.
Based on a preliminary report by BOC’s Financial Service, 14 of the 17 collection districts surpassed their June collection targets. These were San Fernando, Port of Manila, Manila International Container Port, Batangas, Legazpi, Iloilo, Cebu, Surigao, Zamboanga, Davao, Subic, Clark, Aparri, and Limay.
Furthermore, BOC surpassed its midyear target of P327.812 billion by 21.05% with an actual collection of P396.804 billion, which was 31.5% higher than the bureau’s P301.746 billion take in the same period last year.
BOC attributed its historic collection performance to its improved valuation, digitalized and modernized systems, the improving economy resulting in higher volumes of imports, and the intensified efforts of all the collection districts.
For 2022, the annual target is P679.226 billion, 10.1% higher than the P616.749 billion target for 2021 and 5.1% up from the P645.765 billion actual collection last year.
Customs Commissioner Rey Leonardo Guerrero earlier said BOC had also set a higher internal target of P699 billion as the agency is required to collect additional revenues for value-added tax refund.
