Policy changes tagged as Customs misses target

Sep 07, 2024 12:20 am

THE Bureau of Customs' (BoC) collections for August totaled P78.91 billion, 2.52-percent short of its P80.95-billion target for the month, BoC chief Bienvenido Rubio announced.

Rubio cited two reasons for the shortfall: Executive Order 62, which cut rice import duty rates from 35 percent to 15 percent, causing a revenue loss of P2.35 billion; and the slashing of the motor vehicle tax to zero percent, resulting in a P1.034-billion deficit.

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