Q1 2012 tax collection in Subic Freeport hits record P1.79-B
Subic Bay Freeport, 4/19/12 – Tax collections by revenue and customs offices here in the first quarter of the year again surpassed previous records, leading to combined remittances of P1.79 billion in just the first three months of 2012.
The P1.79-billion collection total remitted by the Bureau of Internal Revenue (BIR) and the Bureau of Customs (BOC) represented an increase rate of 10.83 per cent, or P174.8 million, over the P1.61-billion aggregate collection for the same period last year, records from the Subic Bay Metropolitan Authority (SBMA) showed.
SBMA chairman Roberto Garcia noted that the first quarter collections this year are record highs for both the Subic customs office, which netted a total of P1.46 billion, as well as for the district revenue office, which collected P328 million.
SBMA records also revealed that the uptrend in first quarter revenue collections here began in 2003, when a total of P665.18 million was generated. Over the succeeding years, this record was constantly topped by higher revenue collection figures.
The P1.79-billion first quarter 2012 collection alone is already 22.76 per cent more than the revenue collections made in the entire 1998, which amounted to P1.46 billion.
The BOC's P1.46-billion collection was derived from duties and taxes from ship calls, transhipment operations, and the importation of various products and general merchandise.
The Customs collection for the first quarter slightly exceeded last year's P1.37-billion record by 6.47 per cent, or 88.76 million. However, the bureau also slightly missed its P1.52-billion target for Q1 2012 by 3.75 per cent, or P53.14 million.
The slight variance, however, was more than made up for by the BOC's total non-cash collection of P191.44 million, indicating a 151 per cent increase compared to the first quarter last year.
Meanwhile, the P328-million cash collections by the BIR reflected a 35 per cent increase compared to the P241.97 million in the same period last year. This also surpassed the district's first quarter goal of P274 million by 19.34 per cent.
It was also noted that the BIR's overall performance for the first quarter still improved despite the 2010 implementation of a new tax collection scheme allowing the SBMA to directly receive two per cent of corporate taxes being paid by locators. The two per cent went to the revenue shares of eight local government units (LGUs) that are contiguous to or affected by the Subic Bay Freeport Zone.