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Makati City and Manila City next top performing cities with highest tax collections (Eagle News) – Quezon City was named as the country’s top-performing city in terms of local revenue generation after it collected P22.9 billion in taxes last year, the Department of Finance said. In a memo released by the DOF-Bureau of Local Government (DOF-BLGF), Quezon City ranked no. 1 among all the cities in the country in terms of tax collections or […]
(Eagle News) — The Bureau of Customs collected over P497 million in additional revenues from its post-clearance audit in the third quarter of this year. According to the bureau, the P497,044,083.84 represents collections from July to September 2021 upon issuance of 112 Audit Notice Letters (ANL). So far, the bureau is expecting an additional P11.473 billion, after 57 demand letters became final and executory for the failure of the audited importers to contest the same. […]
(Eagle News) — The Bureau of Customs has raised P1.2 billion in additional revenues for 2020 through its post-clearance efforts. In a statement, the bureau said the P1.2 billion in funds were generated with the Post Clearance Audit Group’s issuance of 168 Audit Notice Letters. The bureau said the PCAG was optimistic that additional revenues may still be collected from post clearance audits from 2019. So far, it said there are still 26 demand letters being […]
(Eagle News)–The Bureau of Customs has collected over P97 billion worth of duties and taxes from the government’s Fuel Marking Program. In a statement, the BOC said the P97.191 billion worth of duties and taxes from the importation of gasoline, diesel, and kerosene is proof of the BOC’s “continued commitment to protect the borders and collect lawful revenues for the government.” The Fuel Marking Program which was launched in September 2019 to curb illicit trade […]
(Eagle News)–The Bureau of Customs has collected P487 million in additional revenues as a result of its post-clearance audits on importers. The BOC said in a statement on Saturday, June 20, that of this amount, P19,755,564.47 were the result of an audit on five companies/importers, while P160,027,224.51 were collected from 24 companies that applied for the Prior Disclosure Program and were covered by existing Audit Notification Letters issued against Customs bonded warehouse operators and their […]
(Eagle News)–The Department of Transportation and its attached agencies have recently turned over P80 billion in dividends and remittances from revenues to the national treasury. Of the amount, the DOTr said the P50.7 billion represent dividends from 2017 to 2020 and P29.3 billion in remittances from revenues for 2019. In a statement, the DOTr said of the P50.7 billion, P10.1 billion were from 2017, P12.2 billion from 2018, P11.1 billion from 2019, and P17.3 billion […]
(Eagle News) — The government has lost an estimated P145 billion annually in foregone revenues because of the non-adjustment of fuel excise taxes for the past two decades, the Department of Finance revealed during a public hearing at the House Committee on appropriations. The DOF said that this loss was equivalent to about 1 percent of the country’s Gross Domestic Product (GDP). “The non-adjustment of fuel excise taxes for the past two decades has […]
