The Bureau of Customs (BOC) will upgrade valuations and intensify programs against smuggling to meet its P498.7-billion collection target for the year.
This is despite expectations that lower revenues from oil and oil-related imports, which at present account for 40 percent of total collections, will pull down the bureau’s revenue.
“Targets should always be achievable,” Customs Commissioner Alberto Lina told reporters at the sidelines of a central bank reception for the banking community on Tuesday.
“The downside on the collections of duties and taxes are the oil and oil-related products,” Lina pointed out, even as he added that the bureau would be implementing changes and programs to meet the 2016 revenue goal.
In particular, he said the BOC would be upgrading its valuations table to boost collections. Also set to be upgraded are the technology and analytics used in the processing of shipments, along with document analysis tools to fast-track the release of cargo.
Lastly, he said the BOC would seek to strengthen its watch against smuggling, particularly with respect to the under-declaration of imported goods.
The BOC missed its P436.5 billion collections target last year. Total 2015 collections amounted to P366.9 billion, P69.6 billion or 16 percent below the full-year target.
Without disclosing specific figures, the bureau said the lower collections could be traced to the lower value and volume of oil products imported into the country.