Olongapo SubicBay BatangGapo Newscenter

Wednesday, July 16, 2008

Subic Freeport reports P2.56-B tax take by June

SUBIC BAY FREEPORT, Philippines — The Subic Bay Metropolitan Authority (SBMA) said in a press release Tuesday that it collected about P2.56 billion in duties and taxes in the first half of the year.

The statement quoted SBMA Administrator and Chief Executive Officer Armand C. Arreza as saying that this total in the first half exceeded collections in the same period last year by about P150 million.

Mr. Arreza said that tax and duties collection of the Bureau of Customs (BoC) and the Bureau of Internal Revenue (BIR) offices here amounted to P1.81 billion and P753 million, respectively.

"The growing number of business locators here would help boost the government’s revenue collection efforts as well," Mr. Arreza said.

BIR and BoC

Subic-Customs District Collector Marietta Zamoranos said that the bureau’s collection performance during the first six months this year grew by P133 million over its P1.68-billion record in the same period last year.

She added that, despite the total ban on the importation of second-hand vehicles, particularly sports utility vehicles, the agency was still able to collect more revenues in the six months to June.

BoC’s collections were largely derived from duties and taxes paid by Subic locators trading in oil, trucks, heavy equipment and general merchandise.

The BoC office here also reported that aside from its cash collection, the agency also posted a total of P2.3 billion in non-cash receipts — involving intra-government transactions — placing its combined cash and non-cash collections at a total of P4.1 billion.

In the same six-month period, the BoC said its collection performance peaked in June when it collected a total of P368 million.

Meanwhile, the BIR reported that its January-June 2008 collection stood at P753 million, or four percent more than last year’s collection for the same period, which was P727 million.

The bureau’s receipts were derived from the income taxes of over 76,000 freeport employees, sales taxes of locators, value-added taxes, as well as percentage taxes.

The BIR’s highest collection was recorded in April, when it received P210 million in taxes. — BusinessWorld

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