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Port of Subic exceeds November collection target by P266 million

Friday, 07 December 2018 | 00:00

The Bureau of Customs (BOC) announced that the Port of Subic has exceeded its monthly collection target for November of P2.081 billion on the back of proper and correct duties and tax collections.

The BOC said in a statement on Tuesday that the Port of Subic has reported revenue collections amounting to P2.347 billion for November, breaching its revenue goal for the month.

“Port of Subic remains committed in its drive to collect revenues and vigilant in its efforts to prevent smuggling and the commission of fraudulent and illegal acts,” Port of Subic District Collector Ma. Rhea M. Gregorio was quoted in a statement as saying.

The bureau has reported that the revenue collection of the Port of Subic for the month is the highest collection in its revenue history. This is also the third consecutive time that Subic collection district was able to hit its monthly revenue target for this year.

For October, the Subic port collected import duties and taxes amounting to P2.182 billion. That figure also breached the P2.095-billion revenue target for the month.

Last September the port achieved a P93-million surplus for collecting P2.188 billion against its goal of P2.096 billion.

Gregorio said the positive performance of the port in ensuring that proper and correct duties and taxes are assessed and collected from import shipments is essential in meeting the collection target.

She also attributed the continuous improvement in Subic’s revenue collection to the implementation of the Tax Reform for Acceleration and Inclusion (Train) law, which imposed fuel excise tax hikes, among others. Subic has been relying heavily on the entry of oil imports for its monthly revenue collections.

The Port of Subic expects to collect P1.888 billion in revenues for December. The BOC reported revenue collections for October this year hitting P55.953 billion, which is 30.3 percent higher than the P42.915-billion collection the bureau reported for the same month last year.

Earlier, the administration’s economic managers recommended the continued implementation of the second round of oil excise tax increase scheduled for 2019 with the recent drop in world oil prices.

Excise taxes on diesel and gasoline would be increased by P2 per liter effective January 1, 2019, under the Train law.
Source: Business Mirror

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