Connect with us

Hi, what are you looking for?

Captain Of Success
Top Stories

Stock Markets

BoC urges voluntary payment

BW FILE PHOTO

THE Bureau of Customs (BoC) Commissioner Bienvenido Y. Rubio urged buyers-in-good-faith of imported goods to settle the right duties via a voluntary payment scheme to meet the P1.06-trillion target this year.

The BoC revenue rose by 6.51% to P931.05 billion last year from P874.17-billion target in 2023.

According to the Department of Finance, the agency logged P79.3 billion in January this year, 8.1% higher than the same month a year ago.

“The voluntary payment scheme is a proactive approach which empowers the bureau to significantly bolster its revenue collection efforts while effectively recognizing the equitable rights of unsuspecting innocent purchaser for value of imported goods,” Deputy Commissioner Juvymax R. Uy said in a statement on Sunday.

Customs also has called on buyers of imported luxury motor vehicles such as Ferrari, Porsche, and McLaren — subjected to a Letter of Authority and recently served in Pasay to settle their obligations through the payment scheme.

Last week, a series of raids by the agency, seized high-end cars in Metro Manila resulted in the seizure of around P900 million worth of expensive vehicles in a Taguig warehouse. —Aubrey Rose A. Inosante

    You May Also Like

    Finance

    Rachel Reeves’s plan to reduce inheritance tax relief for farmers risks hampering growth and destabilising the wider economy, according to Rain Newton-Smith, head of...

    Finance

    The Women Against State Pension Inequality (Waspi) group claims 3.6 million women were short-changed because the Government failed to provide adequate warning when it...

    Stock Markets

    RAWPIXEL THE Philippine Economic Zone Authority (PEZA) said the Philippines may avoid the worst of the Trump tariffs because of its small trade surplus...

    Stock Markets

    The Commission on Audit (CoA) has completed the repeat self-assessment of its methodologies and practices against international standards using the Supreme Audit Institutions (SAI)...

    Disclaimer: CaptainOfSuccess.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice.
    The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.