The Bureau of Customs (BOC) again exceeded its collection goal in May as the majority of the country’s ports hit their respective targets amid improving economic prospects.
In a statement on Wednesday, the country’s second-biggest tax-collection agency said the import duties and other taxes it generated last month amounted to P49.3 billion, surpassing its P46.3-billion goal by 6.6 percent.
Slump due to lockdown
The BOC’s tax take in May was also higher than the P30.8 billion collected a year ago. To recall, the government’s tax revenue dropped last year due to the most stringent COVID-19 lockdown in the region imposed from mid-March to May 2020, which shut down 75 percent of the eco…
Keep on reading: BOC beats 5-mo collection target