SBMA’s 2012 tax remittances hit P7.62 billion

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Category: Economy

Published on Tuesday, 05 February 2013 20:16

Written by Henry Empeño | Correspondent

SUBIC BAY FREEPORT­—Taxes and customs duties collected by government agencies in this free-port zone last year amounted to a total of P7.62 billion, by far the biggest remittance made in the last five years, a report from the Subic Bay Metropolitan Authority (SBMA) showed.

In a statement issued on Tuesday, SBMA Chairman and Administrator Roberto Garcia said  with this 2012 record, the Subic offices of the Bureau of Internal Revenue (BIR) and the Bureau of Customs (BOC) topped their 2011 combined collection performance of P7.22 billion by 5.42 percent.

This indicates the “growing profitability among Subic Freeport-registered locators,” he said.

Garcia added that the BIR alone collected a total of P1.29 billion from income, value-added, percentage and other taxes, with a 16.22-percent surplus over the 2011 collection record of P1.11 million.

The BIR collections included a portion of the 5-percent corporate tax levied on the annual gross income of Subic-registered locator companies.

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The BIR’s best monthly performance last year was recorded in April when it collected P139.43 million.

Still, the BIR fell short of its goal of P1.3 billion by 1.21 percent, records at the SBMA Treasury Department showed.

On the other hand, the BOC at the Port of Subic posted collections worth P6.33 billion in 2012, indicating a slight increase of 3.47 percent over the P6.12-billion customs haul in 2011.

 BOC-Subic also reported having earned a total of P491.22 million in 2012 in non-cash collections stemming from government-to-government transactions.

Garcia stressed that the BIR and BOC offices here have consistently increased their collections in the past few years.

He pointed out that combined collections by the two agencies stood at P5.28 billion in 2008, but this grew by 6.18 percent to P5.6 billion in 2009.

In 2010 the BIR and BOC collection tallies further increased by 19.25 percent to P6.68 billion; in 2011 by 8.14 percent to P7.22 billion; and in 2012 by 5.42 percent to P7.62 billion.

Garcia also expressed optimism that more businesses will locate at the SBMA this year, paving the way for more commercial activities, employment opportunities and tax returns.