BOC Recognizes Food, Tobacco, Pharma Firms As Top Taxpayers In 2022

The Bureau of Customs (BOC) recognized firms in the food sector, tobacco production, and pharmaceutical industry as top taxpayers and importers for their tax compliance in 2022.

Mondelez Philippines Inc., the local unit of the American multinational food and snack company, Japan Tobacco International Inc., and GSK Philippines Inc., a British-owned pharmaceutical and biotech firm, were included in the top 20 importers last year.

The BOC’s post-audit clearance group (PCAG) secured P1.84 billion in deficient Customs duties, taxes, penalties, and interests as part of last year’s collections.

Nestle Philippines Inc. and leading nutritional company Wyeth Philippines Inc. were recognized as taxpayers due to consistent voluntary disclosures to the BOC.

Other top taxpayers based on duties and taxes paid include food firm Unilever Philippines Inc., multinational energy corporation Chevron Philippines Inc., and Switzerland-based pharma company Novartis HealthCare Philippines Inc.

Those also included in the top 10 are Pilipinas Shell Petroleum Corp., Uniqlo owner Fast Retailing Philippines Inc., and car manufacturer Toyota Motor Philippines.

Customs Commissioner Bienvenido Rubio said the agency honors stakeholders for contributing to the country’s revenue generation.

Rubio said this allows the government to provide better welfare support and implement national development programs.

“In return, we will improve Customs services and procedures for efficient trade facilitation,” Rubio said.

The BOC was tasked by the Development Budget Coordinate Committee to earn ₱901.34 billion in revenue this 2023.

An internal target of ₱921 billion was set by the BOC despite expectations of an economic slowdown due to a looming global recession.

The BOC is the second-largest revenue agency mandated to gather financial resources that would fund the government’s programs and projects.

Source: Philstar