Monday, February 09, 2009
BIR, BoC revenues from Subic dip 3%
Monday, 09 February 2009
Cash receipts by the Bureau of Internal Revenue (BIR) and Bureau of Customs (BoC) from here dipped 3 percent last year, although these agencies remitted a total of P5.28, billion the second-biggest annual revenue haul so far in the free-port zone. Data released by the Subic Bay Metropolitan Authority (SBMA) indicate that the BIR collected some P1.45 billion in taxes in 2008 and the BoC posted P3.82 billion.
The combined collection of both agencies, however, was down 3 percent from P5.32 billion in 2007-Subic’s record since 1992.
The BIR posted its biggest collection to date. It had topped its revenue collection in successive terms since 1994, except for a reversal in the 2002-2003 collection period. The revenue bureau’s P1.45 billion in cash collection last year—up 7.6 percent from the 2007 figure-was largely boosted by a 4-percent growth in income tax paid by Subic Bay Free Port employees.
The BIR collection also recorded gains in value-added, percentage, excise and other taxes paid by the more than 1,100 business locators here, as well as the increasing number of port users.
The BIR has reported consistent income growth in the last six years: P1.35 billion in 2007, P1.12 billion in 2006, P903.29 million in 2005, P711.11 million in 2004 and P601.39 million in 2003.
By comparison, the customs bureau here reported P3.82 billion in revenue last year, P3.97 billion in 2007 and P3.32 billion in 2006.
BoC collections in the past few years show alternating dips and swells: P1.51 billion in 2000, P2.78 billion in 2001, P2.8 billion in 2002, P2.57 billion in 2003, P2.28 billion in 2004 and P2.45 billion in 2005.
The customs bureau said that apart from cash receipts it posted P5.38 billion in noncash receipts, from deferred payments and government-to-government transactions, mostly importations by the National Food Authority and the Department of Public Works and Highways.
Combined, the BoC’s cash and non-cash receipts of P9.21 billion in 2008 actually rose 46.26 percent from P6.3 billion in 2007.
SBMA numbers show the BIR posted its biggest month-on-month collection of P210.1 million last April, and the BoC posted its biggest monthly record P430 million last September.
Meanwhile, total collections by the two bureaus peaked in two separate months with P529 million in April and P524 million in September.
According to the BoC, the collection target for the Port of Subic this year is P4.99 billion.
BoC Commissioner Napoleon Morales earlier said despite the impact of the global recession, the bureau has kept its 2009 collection target for the country’s 17 ports. Instead, it raised the bureau’s overall goal to P317.009 billion or 25 percent higher that last year’s target.
Under the BoC collection schedule, the three ports in the Central Luzon area—Subic, Clark and Limay—were tasked to collect a total of P45.25 billion in customs duties and taxes this year.
The newly created Port of Limay in Bataan, a major port of entry for oil imports by the country’s biggest oil company Petron, has been given a P39.35-billion target, and P897 million for Clark.
Despite the global economic recession, SBMA officials said they are optimistic that revenue generation here will bounce back with the move to turn Subic into the country’s “mother port.”
Since 1998, the Subic Bay Free Port has contributed P37.2 billion to the national coffers, with P9.05 billion from the BIR and P28.2 billion from the BoC.
Source: Business Mirror
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