DUMAGUETE CITY — With the first package of the Comprehensive Tax Reform Program, also known as Tax Reform for Acceleration and Inclusion (TRAIN) already in place, the Bureau of Customs (BOC) Sub-Port Office in Dumaguete City is expecting an increase in revenues this year.
Dumaguete Customs Collector Fe Lluelyn Ganir Toring said Friday that the TRAIN would definitely boost the sub-port’s collections because of the excise taxes to be imposed on importation of certain products.
Once it takes effect this January, 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.
Hopefully, the Customs office in Dumaguete would still be able to exceed its target collection this year just like in previous years if importers of petroleum would maintain the same volume or even more than what has been imported here last year, she said.
The Dumaguete Sub-Port exceeded its target collection in 2017, pegged at a little over PHP1.3 billion.
FilOil Energy Co., Inc. is the sub-port’s number one importer, contributing more than PHP1 billion to its total tax generation of PHP1.859 billion for the year 2017.
FilOil paid more than PHP1.5 billion in taxes to the Dumaguete Customs Sub-port Office last year, records from the said 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 disclosed the BOC main office has not yet set this year’s target collection for Dumaguete but believes this will be discussed during a strategic planning activity in Cebu City this weekend.
Also, during the same strategic planning, the guidelines in the imposition of excise taxes on certain products will also be tackled, she said. (/PNA)
