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Monday, June 17, 2019

TRAIN boosts BOC’s income in Cebu ports

WITH the TRAIN Law and efforts to reduce smuggling, the Bureau of Customs (BOC) Port of Cebu was able to collect P16 billion from January to July 2018, around P4 billion more than the P11.7 billion collected in the same period last year.

BOC Port of Cebu District Collector Elvira Cruz said the Tax Reform Acceleration and Inclusion (TRAIN) law contributed to the high collection because it increased excise taxes on diesel and coal.

Cruz said the target collection for January to July this year was P14.79 billion.

The energy, food, construction and fuel industries are leaders in importation, resulting in the increase in collections, she said.

In the energy sector, the large importers of raw materials are Therma Visayas Inc., Cebu Energy Development Corp., E and P Green Energy Inc. and Kepco SPC Power Corp.

For food, Cruz identified the importers as Eccosential Foods Inc., AD Gothong Manufacturing Corp. and Virginia Foods Inc.

For fuel, the large importers are Seaoil Philippines Inc. and Petronas Energy Philippines Inc. (EOB)


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