BoC grows collections as of August

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THE BUREAU of Customs (BoC) grew collections further in August, according to preliminary figures released on Monday.

BoC, the second biggest tax-collecting agency which accounts for a fifth of overall revenues, collected P55.744 billion in August, 7.2% more than its P52.012-billion take a year ago. That brought year-to-date collections to P413.399 billion, about 7.8% more than the year-ago P383.544 billion.

“There’s increase in volume but, more than that, I think we attribute it to the increase in the rate of assessment in the revenue efforts of the bureau… of proper assessment of commodities especially those with high volume and high value,”BoC Assistant Commissioner of the Post Clearance Audit Group Vincent Philip C. Maronilla said by phone on Monday.

Asked on the bureau’s P661-billion collection target for this year, Mr. Maronilla said: “We’re pretty confident to be able to meet it kasi… these three critical months — September, October and November — usually post record collections, especially the months of September and November.” — Beatrice M. Laforga