BoC audit unit targets P300-M take this year
THE Bureau of Customs’s Post-Entry Audit Group (BOC-PEAG) expects to surpass its 2009 collection of P277.2 million by concluding this year with a more robust take of at least P300 million.
The BOC said the PEAG unit has already collected P58 million from July – when the new customs chief assumed office – to September this year and sees an additional collection of P156.5 million in the remaining four months of the year.
The BOC’s audit unit has not even included the collection made by its predecessor from January to June this year, which could reach to at least P100 million, for a total projected revenues of P314.5 million or up 13.5 percent from last year.
The PEAG unit was given the mandate to improve the BOC’s capability to validate the compliance of importers with rules and regulations with respect to customs value declaration and record keeping requirements.
The emerging record collection for this year “was mainly attributed to belated detection of customs issues mainly concerning undervaluation.”
“For the next four months, we expect to generate an additional P156.5 million from discovered transactions that have either price adjustment and/or royalty payment issues,” BOC said.
By 2007, PEAG’s was reporting a collection of P349.2 million primarily boosted by an agreement with the Land Transportation Office (LTO) that all imported brand new and second-hand vehicles will be covered by the group’s post audit.
The BOC audit unit likewise trains its guns on the importation of oil and steel.
The BOC audit unit, once dismissed as non-revenue generating office, was likewise able to turn in revenues after being activated only in 2003 and reaped P30 million in its first three years of operation.
Formed in 2003 through Executive Order 160, the PEAG has the primary task of checking the compliance level of importers in accordance with the existing customs laws, rules and regulations particularly with respect to customs value declaration and record keeping requirement.
It’s activation was also in pursuant to the World Trade Organization’s (WTO) commitments and with the introduction of Transaction Value System (TVS). Dino Ng