The Bureau of Internal Revenue (BIR) is reminding once again all importers and customs brokers that July 31, 2014, is the deadline for them to comply with accreditation requirements of the tax agency.
Philippine debt metrics continued to improve as an effect of the Aquino administration’s proactive liability management agenda. As of end-2013, the country’s general government (GG) debt to GDP ratio improved by 1.4 percentage points (ppt) from the previous year and 0.5 ppt from the previous quarter to reach 39.2%.
In order to fill up the lack of manpower and further improve its quality of service, the Bureau of Customs (BOC) is opening 1,056 job vacancies in first and second level positions for the agency’s various groups, offices, and collection districts across the country.
The Bureau of Customs (BOC)-Ninoy Aquino International Airport (NAIA), through its Non-intrusive Inspection Team, has intensified its operations against illegal drugs hidden in airmail and parcels sent and received through the Philippine post and express courier services.
For the month of June 2014, the Bureau of Internal Revenue collected P94.12 billion in tax revenues, P5.36 Billion or 6.04% more than collections made in June 2013. For June 2014, collections from BIR operations amounted to P91.63 Billion, P5.35 Billion or 6.20% more than collections made in June 2013. Collections from non-BIR operations amounted to P2.49 Billion, P12.85 Million or or 0.52% more than the collections made in June 2013.
The Bureau of Customs filed smuggling-related charges against the owner of a trading firm and its customs broker at the Department of Justice for illegally importing garlic worth an estimated P30-Million.
The Philippine Deposit Insurance Corporation (PDIC) will start servicing the deposit insurance claims of depositors of the closed Asian Consumers Bank (A Rural Bank), Inc. on July 16, 2014 from 8:00 a.m. to 5:00 p.m. Depositors whose accounts have balances of more than P50,000 and who have outstanding obligations with the closed Asian Consumers Bank regardless of type of account are required to file their deposit insurance claims. The announcement on the claims settlement operations of Asian Consumers Bank is posted at its Head Office and branches and on the PDIC website, www.pdic.gov.ph.
The Philippines has secured another credit-rating upgrade from Japan-based R&I, raising the country’s rating from the minimum investment grade of BBB- to BBB. R&I also said the rollout of more projects under the Public-Private Partnership (PPP) program would help drive more job-generating investments and sustain the rise in incomes.
New X-Ray machines deployed at the Ninoy Aquino International Airport (NAIA) have generated incremental revenues as the Bureau of Customs (BOC) beefed-up its capability to detect highly taxable items such as jewelery, luxury watches, designer bags, undeclared foreign currencies, and even prohibited drugs hidden in travelers’ luggage.
The Bureau of Customs turned over 3,915 confiscated laptop computers to the Department of Education.