Post clearance audits net BOC ₧534M

THE Bureau of Customs (BOC) collected a total of P534 million in additional revenues through the post-clearance audits it conducted in the first quarter of this year.

Bulk of the amount or P498.88 million was collected from those importers who applied for the Prior Disclosure Program (PDP) while the remaining P35.4 million was sourced following the issuance of 59 Audit Notice Letters, the BOC said in a statement on Sunday.

On top of this, the BOC said it expects to collect P12.932 billion from the enforcement of 54 demand letters from its post-clearance audits in the last three years from 2019 to 2021 which have become final and executory for audited importers’ failure to contest.

“The BOC under the leadership of Commissioner Rey Leonardo B. Guerrero and the PCAG headed by Assistant Commissioner Vincent Philip C. Maronilla, shall remain consistent in its mandate of revenue collection through post-clearance audit where additional revenues are generated, especially at this time when the country gradually recovers from the impact of Covid-19,” it said.

Under Customs Administrative Order No. 01-2019, PDP refers to the program authorizing the Customs Commissioner to accept, as a potential mitigating factor, prior disclosure by importers of errors and omissions in goods declaration that result in deficiency in duties and taxes on past importations.

This may also include disclosures on royalties and other proceeds of any subsequent, resale, disposal, or use of the imported goods that accrues directly or indirectly to the seller.

Last year, the BOC collected P645.77 billion, exceeding its P616.75-billion target by 4.7 percent.

Of the amount, P1.5 billion in additional revenues was raised from its post-clearance audits during the period.

For this year, the bureau is hoping to hit its full-year revenue collection goal of P679 billion, over 10 percent higher than its last year’s target.

Source link