Business NEWS

The Bureau of Customs said it will focus on the implementation of the agency’s modernization program and other related projects this year to improve its delivery of services to stakeholders. 

The Bureau of Customs (BOC) has apprehended 20-footer containers with illicit cigarettes and truck loads of possible smuggled tobacco products, the Department of Finance (DOF) said.

Finance Secretary Carlos G. Dominguez III has directed the Bureau of Customs to keep a tighter watch over the possible misdeclaration or misclassification of pork shipments entering the country amid tightness in the supply of pork.

Finance Secretary Carlos G. Dominguez III has commended the Bureau of Customs for its better-than-expected revenues last year while ensuring the free flow of goods and redoubling its campaign against smuggling.

The Bureau of Customs’ frontline transactions are now fully automated, the Department of Finance (DOF) said.

Government revenues from the private traders’ rice importations rose last year due to higher tariff rates and volume, data from the Department of Finance (DOF) showed.

The government’s two main tax agencies have surpassed their respective collection goals last year, which the economic managers lowered in the wake of the coronavirus-induced economic crisis.

The Duterte administration’s budget deficit breached the P1 trillion mark in November due to higher spending and lower revenues amid the coronavirus-induced economic recession, data from the Bureau of the Treasury revealed.

The government seized an estimated P9.52 billion-worth of smuggled goods since January this year, more than half of which came from illicit cigarettes, the Bureau of Customs said.

The Bureau of Customs wants to collect several tax deficiencies uncovered in a post-clearance audit of cooperatives that imported rice since last year, the Department of Finance (DOF) said.

Government debt stock breached the P10 trillion mark in October amid unprecedented borrowings for the coronavirus response, data from the Bureau of the Treasury showed.

The Duterte administration’s budget deficit is nearing the P1 trillion mark in January to October this year as the government continued to struggle in raising revenues due to the coronavirus-induced crisis.

            The national government’s tax effort slipped in the first nine-months of the year after the coronavirus-induced crisis dragged down the Bureau of Internal Revenue (BIR) and Bureau of Customs collections.

Cement importers disputed claims by local cement manufacturers that importation of this construction material dramatically shoot up saying domestic manufacturers are using false data to justify their petition before the Department of Trade and Industry to delay the reduction of the safeguard duty on imported cement to P9 per bag and instead raise the rate further to P12 per bag from the current P10 per 40-kilogram bag.

Finance Secretary Carlos G. Dominguez III is throwing support behind the proposed measure seeking to digitalize all government agency services provided to the public.

President Rodrigo R. Duterte has approved the appointment of Finance Secretary Carlos G. Dominguez III as ex-officio chairperson of the Governing Board of the Philippine Tax Academy (PTA). 

The Bureau of Customs (BoC) was told to speed up its audit of rice import transactions in 2019, as well as the collection of unpaid tariffs and penalties from erring importers, so it could look into more recent cases of undervaluation in rice importation.