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BoC exceeds January collection target

THE Bureau of Customs (BoC) said it surpassed its collection target for January with revenue of P65.801 billion in the Jan. 1-27 period.

Collections had exceeded the target by 11% four days before the end of the month, it said in a statement.

The total was also 13.2% higher than the year-earlier collection.

For 2023, Customs hopes to collect P901.3 billion.

This includes P570.3 billion in value-added taxes from imports, P207.4 billion worth of excise taxes, P105.1 billion in import duties and P18.5 billion from other fees.

This year’s collection target is 24.9% higher than the P721.5-billion target set in 2022.

Last year, Customs reported that collections hit P862.929 billion according to preliminary data, exceeding the target by 19.6%.

Customs Commissioner Yogi F. Ruiz said the agency is working on “stringent measures to counter illicit trade and fraud while improving trade facilitation and increasing lawful revenue collection.” — Luisa Maria Jacinta C. Jocson

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