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August 24,2008

Philippines: Customs eyes 1.5 billion peso from scrutiny of oil imports
The Bureau of Customs expects to collect around P1.5 billion in revenues from closer inspections of import declarations of oil shipments during the first half of the year, local newspaper The Manila Times reported Sinday.

The daily quoted Edna Barrida, chief of the bureau’s Task Force on Oil, on Saturday as saying that they first will reconcile Customs figures with those of the National Statistic Office to help achieve their target.

The statistics office said that from January to May this year, oil imports reached $3.035 billion or a total of 124.94 billion peso.

But this figure differed from that of Customs of only 114.56 billion peso.

Barrida said the difference of 10.4 billion peso translates to 1.2 billion peso in value-added tax not including the duties of a minimum of 1.75 billion peso based on a two-percent tariff.

She added that she had instructed the ports of Limay, Manila, Subic, Mariveles and Batangas to submit hard copies of import entries they have processed for counterchecking with the entries that have been entered into the bureau’s computer data base.

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