Daily Star logoBusiness



Bacolod City, Philippines Saturday, January 6, 2018
Front Page
Star Business
Opinion
Sports
Star Life
People & Events

 

Dumaguete BOC exec sees hike in
revenues under tax reform law

DUMAGUETE CITY - With the first package of the Comprehensive Tax Reform Program, also known as Tax Reform for Acceleration and Inclusion, or Train, already in place, the Bureau of Customs Sub-Port Office in Dumaguete City is expecting an increase in revenues this year.

Dumaguete Customs collector Fe Lluelyn Ganir Toring said yesterday that the Train would definitely boost the sub-port's collections because of the excise taxes to be imposed on the importation of certain products.

Once it takes effect this month, the Train will have a huge impact as far as the sub-port office's target collection is concerned, “because petroleum products will be subjected to excise tax, which previously were exempted from excise tax,” Toring said.

The Dumaguete Sub-Port exceeded its target collection in 2017, pegged at a little over P1.3 billion.

FilOil Energy Co. Inc. is the sub-port's number one importer, contributing more than P1 billion to its total tax generation of P1.859 billion for 2017. FilOil paid more than P1.5 billion in taxes to the Dumaguete Customs Sub-port Office last year, records from the office showed.

Asked whether FilOil would decrease its importation volume due to the Train, Toring said she believes otherwise, pointing out that there is a growing demand for petroleum products in Dumaguete. Besides, the prices of petroleum products have already been adjusted so the excise taxes won't make much of a difference to the importer, she added.

Toring said the BOC main office has not yet set this year's target collection for Dumaguete but believes this will be discussed, along with the guidelines in the imposition of excise taxes on certain products, during a strategic planning activity in Cebu City this weekend.*JFP/PNA

 

back to top

Business
Button Ceneco to re-compute P414M recovery charges
Button Dumaguete BOC exec sees hike in revenues under tax reform law
Button ‘Real time' posting of SSS contributions

Button Negrense entrepreneurs urged to join food fair