Customs exceeds collection goal anew due to weaker peso

THE BUREAU of Customs topped its collection target in August due to a weak peso, high oil market prices and enforcement of proper valuation, marking the seventh straight month that goals were exceeded.
In a statement on Tuesday, the bureau said preliminary data showed it collected P51.739 billion in August, 35.1% more than the P38.289 billion recorded a year ago and exceeding a P49.31-billion target for last month by 4.7%.
“The Bureau of Customs’ improved collection performance remains consistent as it has exceeded target for seven consecutive months, posting a revenue surplus of P2.326 billion in August,” the bureau said.
The bureau attributed its “consistent high revenue performance to the higher exchange rate, increased oil price in the market, proper valuation and strong enforcement and revenue enhancing measures.”
“In addition, the one-strike policy of the Commissioner (Isidro S. Lapeña) motivated the ports to consistently hit their targets,” the statement read, referring to the reassignment of collection officers of under-performing ports that began in October last year.
The government also implemented Republic Act No. 10963, or the Tax Reform for Acceleration and Inclusion law, as the year began that imposed higher excise taxes on items like fuel, tobacco, coal and minerals; new taxes on sugar-sweetened drinks and cosmetic surgery and removed a number of value added tax exemptions while reducing personal income tax rates.
The bureau said that 15 of its 17 ports exceeded their respective targets, while the Manila International Container Port and the Port of Subic missed goals.
It also noted in its statement that that preliminary August data would put the eight-month revenue take to P384.3 billion, 35.53% more than the P283.56 billion recorded in the same period last year.
The bureau is tasked to collect P598 billion this year, 30.52% higher than the P458.18-billion actual collections in 2017.
Its January-August collection is equivalent to 64.26% of the 2018 collection goal.
Latest official data from the Bureau of the Treasury show that the BoC collected P331.6 billion in the January-July period, 35% higher than the P245.3 billion it recorded in the same period last year. — E. J. C. Tubayan