CUSTOMS: PARCELS P10K AND BELOW,NO MORE TAX

The new Customs Modernization and Tariff Act states that all parcels amounting to P10,000 and below will be exempted from paying any taxes and duties.According to Customs Commissioner Faeldon,it is a good gift for the OFWs for the coming Christmas season.
The Bureau of customs will soon fix the tax exemption for the balikbayan boxes amounting to P150,000 and below.A law concerning this is expected to come into effect any from now.



The  former Deputy Commissioner of the Bureau of Customs, Atty. Agaton Teodoro, said that they will implement the tax exemption soon as Congress is already on the final reading of the proposed Customs Modernization and Tariff Act.


The Congress approved the bill while the senate, is on its third and final reading prior to approval.

He also expressed in this interview that they are not opening Balikbayan boxes anymore, canine dogs and XRay machines are used to inspect the OFW and expats boxes.

Question:

Why P10,000? Where are those proposals of our good Congressmen and Senators like P80,000 or P100,000?

Sen. Ralph Recto has issued a press release  that his proposed Balik-bayan Box Law will be submitted to the senate for approval today. 

The following are the highlights in his proposed law:

Value exempt from tax: Php 150,000

Regardless of the total dutiable value of its contents, Senate Bill No. 2927 also seeks to exempt from taxes and duties one balikbayan box per month per OFW which Pimentel said "is but a small measure of assistance in view of the tireless efforts of our OFWs, who work selflessly abroad and endure long separation and loneliness from their loved ones."

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REMINDER FROM BUREAU OF CUSTOMS - ALL IMPORTS, PERSONAL OR COMMERCIAL NEEDS TO BE PAID WITH TAXES

Some OFWs are complaining because of higher taxes collected from their packages from their relatives in the Philippines despite the fact that they already paid taxes when they send those packages. The Bureau of Customs reminds the public as well as the OFWs that all importations needs to paid with taxes, either personal or commercial. The BOC advised the senders to keep the receipt of the goods being sent.
 Read also: 

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

They are also saying that soon Pres. Aquino will sign the new law that will allow OFWs to send as much as P150,000 to be tax-free.

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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

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