Published April 10, 2021, 6:08 PM
More than P287 million additional revenue was collected by the Bureau of Customs (BOC) from shipments found to have violated Customs rules during the first quarter of this year.
According to Customs-Post Clearance Audit Group (PCAG), the additional revenue, amounting to P287,036,700.02, was collected from 51 prior disclosure program (PDP) applications filed with the office and from demand letters issued to importers after the conduct of post clearance audit.
“The PCAG remains optimistic that additional revenues may still be generated for the remaining months of the year as 57 new audit notice letters (ANL) have so far been issued in 2021,” the bureau said.
P247M more revenue gained from post-clearance audit–BOC – Manila Bulletin mb.com.ph - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from mb.com.ph Daily Mail and Mail on Sunday newspapers.
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The Bureau of Internal Revenue (BIR) is streamlining the requirements and procedures for claiming value-added tax (VAT) refunds. BW FILE PHOTO
THE Bureau of Internal Revenue (BIR) is aiming to increase excise tax revenues by 13% this year, as it expects economic activity to pick up as pandemic-related restrictions are further eased.
The BIR set a P332.102-billion excise tax collection target for 2021, 12.6% higher than the P294.91 billion collected last year. Excise tax collections from large taxpayers slumped by 7% in 2020, due to the strict lockdown measures and economic slowdown.
The BIR attributed the higher target to the Development Budget Coordination Committee (DBCC) projection that the Philippine economy will return to a growth trajectory this year.
The Bureau of Customs said Thursday that it posted an additional P1.2-billion revenue from post clearance audit in 2020.
Data from the bureau’s Post Clearance Audit Group (PCAG) showed that it was able to collect around P1.2 billion from a total of 168 audit notice letters issued in 2020. The bu