Carousel

Sponsored Links
SEARCH THIS SITE
JBSOLIS is a site for all about health and insurances, SSSOWWAPAG-IBIGPhilhealthbank loans and cash loansforeclosed propertiessmall house designs, local and overseas job listings.

Advertisement

Monday, December 12, 2016

P150K WORTH OF BALIKBAYAN BOXES TO BE TAX-FREE STARTING DEC. 25


Starting Christmas Day or December 25 this year, Balikbayan boxes containing items worth up to P150,000 and below will be exempted from taxes.  This is after the Bureau of Customs and the Department of Finance have signed Customs Administrative Order (CAO) 05-2016, which concerns the consolidated shipment of said boxes.  CAO 05-2016 is the implementing rules and regulations of Section 800 (g) of the Customs and Modernization and Tariff Act (CMTA) that covers balikbayan boxes.




Starting Christmas Day or December 25 this year, Balikbayan boxes containing items worth up to P150,000 and below will be exempted from taxes.

This is after the Bureau of Customs and the Department of Finance have signed Customs Administrative Order (CAO) 05-2016, which concerns the consolidated shipment of said boxes.

CAO 05-2016 is the implementing rules and regulations of Section 800 (g) of the Customs and Modernization and Tariff Act (CMTA) that covers balikbayan boxes.



The Customs order "covers the sending of balikbayan boxes by Qualified Filipinos While Abroad (QFWA) to their families and relatives, which shall be exempt from the payment of duties and taxes, up to three times and shall not exceed P150,000.00 in a calendar year."

This CAO states that only qualified Filipinos abroad may avail of duty and tax free privileges on balikbayan boxes containing personal effects and households goods.


(WATCH:Balikbayan box na P150,000 pababa ang halaga, hindi na bubuwisan)






Who are qualified QFTA under CMTA?



1. Holders of valid passports issued by the Department of Foreign Affairs (DFA) and certified by Department of Labor and Employment (DOLE) or Philippine Overseas Employment Administration (POEA) for overseas employment purposes regardless of profession



2. Non-resident Filipinos who have established permanent residency abroad but retained their Filipino citizenship; and,




What are the requirments to be granted with this privilege?

1. A QFWA shall submit the following supporting documents


2. A QFWA must accomplish, sign and submit the Information Sheet, which will be issued by BOC and will serve as the packing list;



3. The international forwarder and/or consolidator shall submit these Information Sheets and supporting documents in a secured electronic format to local (Philippine) forwarder and/or deconsolidator; and



4. The local forwarder and/or deconsolidator shall transmit to the Bureau the Information Sheet and supporting documents in a secured electronic format before the arrival of the balikbayan boxes to the Philippines and within the period prescribed below.

(WATCH:TV Patrol: Halaga ng mga tax-free na padala, itinaas hanggang P150,000)


For consolidated shipments by sea:
a. For shipments that will take 3-day shipping time: 24 hours prior to arrival;

b. For shipments that will take 7-day shipping time: 48 hours prior to arrival; and

c. For shipments coming from America, Europe, Middle East, and other parts of the world that do not fall under the above shipping time: 10 days prior to arrival.

For consolidated shipments carried by aircraft:

a. For those coming from Asia - 1 hour prior to arrival

b. For those coming from other countries - 6 hours prior to arrival


5. A QFWA shall also certify that only personal effects and household goods, which shall not be in commercial quantities, are sent through balikbayan boxes.

Currently, only items valued P10,000 and below are exempted from Customs duties and taxes.

(WATCH:TV Patrol: Pasalubong mula abroad na P10,000 pababa ang halaga, tax-free na)






READ MORE:











©2016 THOUGHTSKOTO

No comments: