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Manila Bulletin devider Business devider Tariff cuts leave P9-billion gap in BOC collections

Tariff cuts leave P9-billion gap in BOC collections

Published Oct 13, 2024 10:44 pm

The Bureau of Customs (BOC) has reported a decline in revenue collection due to reduced tariffs on rice and zero-import duties on electric vehicles (EVs).

According to the BOC, these policy adjustments have resulted in a combined revenue loss of nearly P9 billion in the first nine months of 2024.

The bureau's revenue collection for the January to September period amounted to P690.842 billion, a 4.61 percent increase compared to the same period last year. 

However, the figure fell short by 0.44 percent of the targeted P693.9 billion.

The BOC attributed the revenue shortfall primarily to Executive Order (EO) No. 62, which lowered rice tariffs from 35 percent to 15 percent. 

The agency saidt that this reduction led to a revenue loss of P6.089 billion from rice imports

Additionally, the expansion of zero-import duties under EO 12 to include battery electric vehicles (BEVs), hybrid electric vehicles (HEVs), plug-in HEVs, and specific parts and components resulted in an additional revenue loss of P2.901 billion.

Despite these challenges, the BOC said it remains hopeful of meeting its annual revenue target. 

“The BOC will actively work and implement strategic measures to boost revenue collection, including the collection of non-traditional revenues such as post-entry audit and auction,” the bureau said.

“These efforts are aimed at not only recovering lost revenues but also positioning the Bureau for sustainable financial growth in the future,” it added. (Derco Rosal)

Related Tags

Bureau of Customs rice import tariff BOC collection
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