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Saturday, January 23, 2016

PRESIDENT AQUINO, PLEASE DON'T VETO THE NEW BALIKBAYAN BOX LAW




The new Customs Modernization and Tariff Act has passed the last and final reading of the bicameral conference committee of the Congress and Senate according to reports so it will be forwarded to Pres. Aquino's desk for his signature. The new law has some provisions that are good news for the OFWs and expats living abroad.



One good news is the tax-exemption up to P150,000 for all OFWs. This means that an OFW can send two boxes at the same time provided that their total worth is not more than P150,000. That will be counted as one shipment, and an OFW can send up to 3 shipment in a year. The boxes, however, must contain “personal and household effects only and shall neither be in commercial quantities, nor intended for barter, sale or for hire."


“This is to prevent senders from abusing this privilege. With this privilege comes the duty to observe the law. It also comes with penalties so that smugglers won’t take advantage of it,” according to Senator Ralph Recto, one of the principal author of the law.


The bill also includes a provision indexing rates to inflation, “so that it will not take another quarter of a century to adjust the tax-exempt ceiling for balikbayan boxes,” Recto added.
According to Senator Sonny Angara, co-author of the law, an OFW who is working abroad for more than 5 years can send up to P250,000 tax free balikbayan box in a year, while an OFW working for 10 years and above, can send up to P350,000.

Read more:

BREAKING NEWS: P150,000 WORTH OF BALIKBAYAN BOX TO BE TAX-FREE APPROVED IN THE SENATE TODAY!


Value of tax-exempt balikbayan goods raised to P150,000


©2016 THOUGHTSKOTO