Customs fails to reach August target on lower imports
09/02/2009 | 05:46 PM
The Bureau of Customs missed its collection goal last month on weak imports due to global recession, commissioner Napoleon Morales said.
The BoC was unsuccessful in collecting at least P26 billion in August dragged down by lower tax expenditure fund used by government owned- and –controlled corporations (GOCCs) for customs duties from importing goods.
“Definitely, it would be much lower than last year, import volume is down," he told reporters.
Customs has to collect P273.3 billion this year or 5.03 percent higher than P260.2 billion in 2009.
In August 2008, it generated P25.42 billion worth of import duties.
The government saw 53.57 percent decline in Customs’ non-cash collections including tax expenditure fund to P1.3 billion from P2.8 billion programmed.
Morales said it has been tough meeting monthly target given slowdown in economic activity.
“I will try my best to meet the target but that would be very difficult," Morales vowed. -GMANews.TV
The BoC was unsuccessful in collecting at least P26 billion in August dragged down by lower tax expenditure fund used by government owned- and –controlled corporations (GOCCs) for customs duties from importing goods.
“Definitely, it would be much lower than last year, import volume is down," he told reporters.
Customs has to collect P273.3 billion this year or 5.03 percent higher than P260.2 billion in 2009.
In August 2008, it generated P25.42 billion worth of import duties.
The government saw 53.57 percent decline in Customs’ non-cash collections including tax expenditure fund to P1.3 billion from P2.8 billion programmed.
Morales said it has been tough meeting monthly target given slowdown in economic activity.
“I will try my best to meet the target but that would be very difficult," Morales vowed. -GMANews.TV
