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Showing posts with label taxes. Show all posts
Showing posts with label taxes. Show all posts

Wednesday, December 13, 2017

Lower Income Tax, Higher Taxes On Sugar, Petroleum, Tobacco Products By 2018.


The House of Representatives ratified the bill that will lower the personal income tax while taxes on sweetened beverages, petroleum products, cars and tobacco will be higher. The new tax package is expected to generate ₱134 billion to fund the administration's infrastructure projects, while reducing income tax for the 6.8 million individual income taxpayers has been approved after several meetings of the bicameral conference committee. The Congress finally approved the consolidated version of the Tax Reform for Acceleration and Inclusion (TRAIN) bill. Those earning ₱250,000 annually or around ₱22,000 per month will be exempted from paying taxes, including self-employed individuals. The bill also exempts 13th month pay and bonuses amounting to ₱90,000 from taxation. The new scheme will also lower income tax rates for those earning ₱2 million and below. Self-employed individuals and professionals may also opt to pay eight percent of their annual income tax, instead of scheduling tax returns every quarter. President Rodrigo Duterte called the tax reform package as one of the urgent bills to pass in Congress. The President should receive the consolidated version of the bill for veto or approval before it takes effect. Higher petroleum taxes The bill also provided for varied tax increases in petroleum products, while keeping to a minimum the increase in liquefied petroleum gas (LPG), diesel, and gasoline. According to the Finance Department, the two million richest Filipino families consume 50 percent of oil products in the country. The bicameral conference committee spread the ₱3 rate increase for LPG over three years—a peso per year increase from 2018 to 2020. The proposed increase in diesel and bunker fuel—mostly used for public transportation—will be collected in 3 tranches: ₱2.50 next year, ₱4.50 in 2019 and ₱6 in 2020. Sponsored Links More environment-friendly tax scheme? The consolidated TRAIN bill also provided for a four-tier tax scheme, to accommodate the around 80 percent of Filipino households who do not own cars. Electric vehicles shall be exempt while hybrid cars will be taxed at half the rates, to encourage greener and cleaner transportation. Pick-up trucks will be exempt as well, as the bill notes they are commonly used by businessmen and entrepreneurs for commercial and agricultural purposes. Cars priced up to ₱1 million will be charged 10 percent tax. Those worth more than ₱1 million will taxed at a 20 percent rate, while cars priced up above ₱4 million will be taxed 50 percent. The bill will also increase coal excise tax from ₱10 per metric ton to ₱150 per metric ton in a span of three years. The increase will be in increments of ₱50, starting from ₱50 in 2018. The excise tax rates for all non-metallic minerals and quarry resources, and all metallic minerals were also raised from the current two percent to four percent. Sugar, tobacco, and cosmetic taxes The consolidated TRAIN bill imposed a tax of ₱6 per liter for beverages using caloric and non-caloric sweeteners, and ₱12 per liter for beverages using high fructose corn syrup. All milk and coffee products are exempted from sugar tax, as well as natural fruit and vegetable juices and meal replacements. Medically-indicated beverages would not be taxed as well. Meanwhile, tobacco excise taxes will be raised in phases at ₱2.50 per annum—starting at ₱32.50 next year. Cosmetic surgeries and enhancements for aesthetic reasons will also be imposed a five percent excise tax, which was down from the proposed 20 percent. VAT exemptions The TRAIN bill, however, exempts small businesses with total annual sales of ₱3 million and below from VAT. This, as small and micro businesses represent 98 percent of all registered businesses in the country. VAT exemptions for raw food or agricultural products, health and education, as well as of senior citizens, Persons with Disability (PWDs), business process outsourcing (BPOs), and cooperatives will be retained. The sale of prescription drugs and medicines prescribed for diabetes, high cholesterol, and hypertension will be VAT-free starting 2019. Source: CNN Advertisement Read More: ©2017 THOUGHTSKOTO www.jbsolis.com SEARCH JBSOLIS, TYPE KEYWORDS and TITLE OF ARTICLE at the box below
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The House of Representatives ratified the bill that will lower the personal income tax while taxes on sweetened beverages, petroleum products, cars and tobacco will be higher.
The new tax package is expected to generate ₱134 billion to fund the administration's infrastructure projects, while reducing income tax for the 6.8 million individual income taxpayers has been approved after several meetings of the bicameral  conference committee. The Congress finally approved the consolidated version of the Tax Reform for Acceleration and Inclusion (TRAIN) bill.

Those earning ₱250,000 every year or around ₱22,000 on a monthly basis will be exempted from paying taxes, including self-employed individuals. 13th month pay and bonuses amounting to ₱90,000 from taxation are also exempted under the bill.

The new scheme will also lower income tax rates for those earning ₱2 million and below.

President Rodrigo Duterte called the tax reform package as one of the urgent bills to pass in Congress. The President should receive the consolidated version of the bill for veto or approval before it takes effect.
Higher petroleum taxes

The bill also provided for varied tax increases in petroleum products, while keeping to a minimum the increase in liquefied petroleum gas (LPG), diesel, and gasoline.
 Finance Department said that the two million richest Filipino families consume 50% of petroleum products in the country.

The bicameral conference committee spread the ₱3 rate increase for LPG over three years—a peso per year increase from 2018 to 2020.

The proposed increase in diesel and bunker fuel—mostly used for public transportation—will be collected in 3 tranches: ₱2.50 next year, ₱4.50 in 2019 and ₱6 in 2020.
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qThe consolidated TRAIN bill also provided for a four-tier tax scheme, to accommodate the around 80 percent of Filipino households who do not own cars.

Electric vehicles will be exempted from tax while hybrid cars will be taxed at 50% rates, to encourage greener and cleaner transportation. Pick-up trucks will also be exempted, as the bill notes they are commonly used by businessmen and entrepreneurs for commercial and agricultural purposes.

The bill will also increase coal excise tax from ₱10 per metric ton to ₱150 per metric ton in a span of three years. The increase will be in increments of ₱50, starting from ₱50 in 2018.

The excise tax rates for all non-metallic minerals and quarry resources, and all metallic minerals were also raised from the current two percent to four percent.
Sugar, tobacco, and cosmetic taxes

The consolidated TRAIN bill imposed a tax of ₱6/liter for beverages using caloric and non-caloric sweeteners, and ₱12/liter for beverages using high fructose corn syrup.

However, all milk and coffee products are exempted from sugar tax, as well as natural fruit and vegetable juices and meal replacements. Medically-indicated beverages will also be exempted from taxes.

Meanwhile, tobacco excise taxes will be raised in phases at ₱2.50 every year—starting at ₱32.50 next year.

Cosmetic surgeries and enhancements for aesthetic reasons will also be subjected to 5% excise tax, which was down from the proposed 20 percent.

The TRAIN bill, however, exempts small businesses with total annual sales of ₱3 million and below from VAT. This, as small and micro businesses represent 98 percent of all registered businesses in the country.

VAT exemptions for raw food or agricultural products, health and education, as well as of senior citizens, Persons with Disability (PWDs), business process outsourcing (BPOs), and cooperatives will be retained.

The sale of prescription drugs and medicines prescribed for diabetes, high cholesterol, and hypertension will be free of VAT starting 2019.
Source: CNN
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Wednesday, November 22, 2017

Senate Increased Personal Income Tax Exemption To P250,000


The video above was uploaded January this year. Now, what President Duterte promised during the campaign is now approved by the senate and is ready to be implemented this coming year. The Senate increased the personal income tax exemption to P250,000, essentially retaining the original proposal of the Department of Finance (DOF) and the House of Representatives under the first package of the tax reform bill. The Senate ways and means committee initially reduced the personal income tax exemption, with only the first P150,000 annual income exempted from tax, however, Senator Ralph Recto proposed that the exemption be increased to P250,000. Sponsored Links The Senate meanwhile has so far retained the P82,000 tax exemptoion for 13th month pay and other bonuses, and the maximum P100,000 additional exemption for up to four dependents. Some 14 senators have submitted their proposed individual amendments to Angara’s committee. The Senate version of the tax schedule to be implemented effective January 1, 2018: Over 250,000 but not over P400,000 – 20 percent of the excess over P250,000 Over P400,000 but not over P800,000 – P30,000 plus 25 percent of the excess over P400,000 Over 800,000 but not over P2 million – P130,000 plus 30 percent of the excess over P800,000 Over P2 million but not over P8 million – P490,000 plus 32 percent of the excess over P2 million Over P8 million – P2.41 million plus 35 percent of the excess over P8 million Angara said that such tax scheme, however, will result in a P1-billion revenue loss for the government. Meanwhile, Angara said the Senate version of the tax reform proposal has exceeded the revenue goal of the DOF. The amended Senate version, he said, would yield P159.5 billion in revenue—a hundred billion more than the previous revenue estimate of P59.9 billion. The boost in the revenue, Angara said, was significantly sourced from the amendments to the provisions on the expansion of the value-added tax (VAT) base. From the repeal of these VAT special laws alone, the estimated revenue gained from P14 billion to P45.5 billion. Another major source of revenue is the doubling of the existing documentary stamp tax rates which will approximately raise P40 billion. Documentary stamp tax is a tax on documents, instruments, loan agreements and papers evidencing the acceptance, assignment, sale or transfer of an obligation, right or property incident thereto. Source: GMA News Advertisement Read More: ©2017 THOUGHTSKOTO
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The video above was uploaded January this year. Now, what President Duterte promised during the campaign is now approved by the senate and is ready to be implemented this coming year.

 The Senate increased the personal income tax exemption to P250,000, essentially retaining the original proposal of the Department of Finance (DOF) and the House of Representatives under the first package of the tax reform bill.
The video above was uploaded January this year. Now, what President Duterte promised during the campaign is now approved by the senate and is ready to be implemented this coming year. The Senate increased the personal income tax exemption to P250,000, essentially retaining the original proposal of the Department of Finance (DOF) and the House of Representatives under the first package of the tax reform bill. The Senate ways and means committee initially reduced the personal income tax exemption, with only the first P150,000 annual income exempted from tax, however, Senator Ralph Recto proposed that the exemption be increased to P250,000. Sponsored Links The Senate meanwhile has so far retained the P82,000 tax exemptoion for 13th month pay and other bonuses, and the maximum P100,000 additional exemption for up to four dependents. Some 14 senators have submitted their proposed individual amendments to Angara’s committee. The Senate version of the tax schedule to be implemented effective January 1, 2018: Over 250,000 but not over P400,000 – 20 percent of the excess over P250,000 Over P400,000 but not over P800,000 – P30,000 plus 25 percent of the excess over P400,000 Over 800,000 but not over P2 million – P130,000 plus 30 percent of the excess over P800,000 Over P2 million but not over P8 million – P490,000 plus 32 percent of the excess over P2 million Over P8 million – P2.41 million plus 35 percent of the excess over P8 million Angara said that such tax scheme, however, will result in a P1-billion revenue loss for the government. Meanwhile, Angara said the Senate version of the tax reform proposal has exceeded the revenue goal of the DOF. The amended Senate version, he said, would yield P159.5 billion in revenue—a hundred billion more than the previous revenue estimate of P59.9 billion. The boost in the revenue, Angara said, was significantly sourced from the amendments to the provisions on the expansion of the value-added tax (VAT) base. From the repeal of these VAT special laws alone, the estimated revenue gained from P14 billion to P45.5 billion. Another major source of revenue is the doubling of the existing documentary stamp tax rates which will approximately raise P40 billion. Documentary stamp tax is a tax on documents, instruments, loan agreements and papers evidencing the acceptance, assignment, sale or transfer of an obligation, right or property incident thereto. Source: GMA News Advertisement Read More: ©2017 THOUGHTSKOTO


The Senate ways and means committee initially reduced the personal income tax exemption, with only the first P150,000 annual income exempted from tax, however, Senator Ralph Recto proposed that the exemption be increased to P250,000.
Sponsored Links
The video above was uploaded January this year. Now, what President Duterte promised during the campaign is now approved by the senate and is ready to be implemented this coming year. The Senate increased the personal income tax exemption to P250,000, essentially retaining the original proposal of the Department of Finance (DOF) and the House of Representatives under the first package of the tax reform bill. The Senate ways and means committee initially reduced the personal income tax exemption, with only the first P150,000 annual income exempted from tax, however, Senator Ralph Recto proposed that the exemption be increased to P250,000. Sponsored Links The Senate meanwhile has so far retained the P82,000 tax exemptoion for 13th month pay and other bonuses, and the maximum P100,000 additional exemption for up to four dependents. Some 14 senators have submitted their proposed individual amendments to Angara’s committee. The Senate version of the tax schedule to be implemented effective January 1, 2018: Over 250,000 but not over P400,000 – 20 percent of the excess over P250,000 Over P400,000 but not over P800,000 – P30,000 plus 25 percent of the excess over P400,000 Over 800,000 but not over P2 million – P130,000 plus 30 percent of the excess over P800,000 Over P2 million but not over P8 million – P490,000 plus 32 percent of the excess over P2 million Over P8 million – P2.41 million plus 35 percent of the excess over P8 million Angara said that such tax scheme, however, will result in a P1-billion revenue loss for the government. Meanwhile, Angara said the Senate version of the tax reform proposal has exceeded the revenue goal of the DOF. The amended Senate version, he said, would yield P159.5 billion in revenue—a hundred billion more than the previous revenue estimate of P59.9 billion. The boost in the revenue, Angara said, was significantly sourced from the amendments to the provisions on the expansion of the value-added tax (VAT) base. From the repeal of these VAT special laws alone, the estimated revenue gained from P14 billion to P45.5 billion. Another major source of revenue is the doubling of the existing documentary stamp tax rates which will approximately raise P40 billion. Documentary stamp tax is a tax on documents, instruments, loan agreements and papers evidencing the acceptance, assignment, sale or transfer of an obligation, right or property incident thereto. Source: GMA News Advertisement Read More: ©2017 THOUGHTSKOTO
The Senate meanwhile has so far retained the P82,000 tax exemptoion for 13th month pay and other bonuses, and the maximum P100,000 additional exemption for up to four dependents. Some 14 senators have submitted their proposed individual amendments to Angara’s committee.

The Senate version of the tax schedule to be implemented effective January 1, 2018:
Over 250,000 but not over P400,000 – 20 percent of the excess over P250,000
Over P400,000 but not over P800,000 – P30,000 plus 25 percent of the excess over P400,000
Over 800,000 but not over P2 million – P130,000 plus 30 percent of the excess over P800,000
Over P2 million but not over P8 million – P490,000 plus 32 percent of the excess over P2 million
Over P8 million – P2.41 million plus 35 percent of the excess over P8 million
The video above was uploaded January this year. Now, what President Duterte promised during the campaign is now approved by the senate and is ready to be implemented this coming year. The Senate increased the personal income tax exemption to P250,000, essentially retaining the original proposal of the Department of Finance (DOF) and the House of Representatives under the first package of the tax reform bill. The Senate ways and means committee initially reduced the personal income tax exemption, with only the first P150,000 annual income exempted from tax, however, Senator Ralph Recto proposed that the exemption be increased to P250,000. Sponsored Links The Senate meanwhile has so far retained the P82,000 tax exemptoion for 13th month pay and other bonuses, and the maximum P100,000 additional exemption for up to four dependents. Some 14 senators have submitted their proposed individual amendments to Angara’s committee. The Senate version of the tax schedule to be implemented effective January 1, 2018: Over 250,000 but not over P400,000 – 20 percent of the excess over P250,000 Over P400,000 but not over P800,000 – P30,000 plus 25 percent of the excess over P400,000 Over 800,000 but not over P2 million – P130,000 plus 30 percent of the excess over P800,000 Over P2 million but not over P8 million – P490,000 plus 32 percent of the excess over P2 million Over P8 million – P2.41 million plus 35 percent of the excess over P8 million Angara said that such tax scheme, however, will result in a P1-billion revenue loss for the government. Meanwhile, Angara said the Senate version of the tax reform proposal has exceeded the revenue goal of the DOF. The amended Senate version, he said, would yield P159.5 billion in revenue—a hundred billion more than the previous revenue estimate of P59.9 billion. The boost in the revenue, Angara said, was significantly sourced from the amendments to the provisions on the expansion of the value-added tax (VAT) base. From the repeal of these VAT special laws alone, the estimated revenue gained from P14 billion to P45.5 billion. Another major source of revenue is the doubling of the existing documentary stamp tax rates which will approximately raise P40 billion. Documentary stamp tax is a tax on documents, instruments, loan agreements and papers evidencing the acceptance, assignment, sale or transfer of an obligation, right or property incident thereto. Source: GMA News Advertisement Read More: ©2017 THOUGHTSKOTO
Angara said that such tax scheme, however, will result in a P1-billion revenue loss for the government.

Meanwhile, Angara said the Senate version of the tax reform proposal has exceeded the revenue goal of the DOF. The amended Senate version, he said, would yield P159.5 billion in revenue—a hundred billion more than the previous revenue estimate of P59.9 billion.
The video above was uploaded January this year. Now, what President Duterte promised during the campaign is now approved by the senate and is ready to be implemented this coming year. The Senate increased the personal income tax exemption to P250,000, essentially retaining the original proposal of the Department of Finance (DOF) and the House of Representatives under the first package of the tax reform bill. The Senate ways and means committee initially reduced the personal income tax exemption, with only the first P150,000 annual income exempted from tax, however, Senator Ralph Recto proposed that the exemption be increased to P250,000. Sponsored Links The Senate meanwhile has so far retained the P82,000 tax exemptoion for 13th month pay and other bonuses, and the maximum P100,000 additional exemption for up to four dependents. Some 14 senators have submitted their proposed individual amendments to Angara’s committee. The Senate version of the tax schedule to be implemented effective January 1, 2018: Over 250,000 but not over P400,000 – 20 percent of the excess over P250,000 Over P400,000 but not over P800,000 – P30,000 plus 25 percent of the excess over P400,000 Over 800,000 but not over P2 million – P130,000 plus 30 percent of the excess over P800,000 Over P2 million but not over P8 million – P490,000 plus 32 percent of the excess over P2 million Over P8 million – P2.41 million plus 35 percent of the excess over P8 million Angara said that such tax scheme, however, will result in a P1-billion revenue loss for the government. Meanwhile, Angara said the Senate version of the tax reform proposal has exceeded the revenue goal of the DOF. The amended Senate version, he said, would yield P159.5 billion in revenue—a hundred billion more than the previous revenue estimate of P59.9 billion. The boost in the revenue, Angara said, was significantly sourced from the amendments to the provisions on the expansion of the value-added tax (VAT) base. From the repeal of these VAT special laws alone, the estimated revenue gained from P14 billion to P45.5 billion. Another major source of revenue is the doubling of the existing documentary stamp tax rates which will approximately raise P40 billion. Documentary stamp tax is a tax on documents, instruments, loan agreements and papers evidencing the acceptance, assignment, sale or transfer of an obligation, right or property incident thereto. Source: GMA News Advertisement Read More: ©2017 THOUGHTSKOTO
The boost in the revenue, Angara said, was significantly sourced from the amendments to the provisions on the expansion of the value-added tax (VAT) base. From the repeal of these  VAT special laws alone, the estimated revenue gained from P14 billion to P45.5 billion.

Another major source of revenue is the doubling of the existing documentary stamp tax rates which will approximately raise P40 billion.

Documentary stamp tax is a tax on documents, instruments, loan agreements and papers evidencing the acceptance, assignment, sale or transfer of an obligation, right or property incident thereto.
Source: GMA News
The video above was uploaded January this year. Now, what President Duterte promised during the campaign is now approved by the senate and is ready to be implemented this coming year. The Senate increased the personal income tax exemption to P250,000, essentially retaining the original proposal of the Department of Finance (DOF) and the House of Representatives under the first package of the tax reform bill. The Senate ways and means committee initially reduced the personal income tax exemption, with only the first P150,000 annual income exempted from tax, however, Senator Ralph Recto proposed that the exemption be increased to P250,000. Sponsored Links The Senate meanwhile has so far retained the P82,000 tax exemptoion for 13th month pay and other bonuses, and the maximum P100,000 additional exemption for up to four dependents. Some 14 senators have submitted their proposed individual amendments to Angara’s committee. The Senate version of the tax schedule to be implemented effective January 1, 2018: Over 250,000 but not over P400,000 – 20 percent of the excess over P250,000 Over P400,000 but not over P800,000 – P30,000 plus 25 percent of the excess over P400,000 Over 800,000 but not over P2 million – P130,000 plus 30 percent of the excess over P800,000 Over P2 million but not over P8 million – P490,000 plus 32 percent of the excess over P2 million Over P8 million – P2.41 million plus 35 percent of the excess over P8 million Angara said that such tax scheme, however, will result in a P1-billion revenue loss for the government. Meanwhile, Angara said the Senate version of the tax reform proposal has exceeded the revenue goal of the DOF. The amended Senate version, he said, would yield P159.5 billion in revenue—a hundred billion more than the previous revenue estimate of P59.9 billion. The boost in the revenue, Angara said, was significantly sourced from the amendments to the provisions on the expansion of the value-added tax (VAT) base. From the repeal of these VAT special laws alone, the estimated revenue gained from P14 billion to P45.5 billion. Another major source of revenue is the doubling of the existing documentary stamp tax rates which will approximately raise P40 billion. Documentary stamp tax is a tax on documents, instruments, loan agreements and papers evidencing the acceptance, assignment, sale or transfer of an obligation, right or property incident thereto. Source: GMA News Advertisement Read More: ©2017 THOUGHTSKOTO
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Thursday, November 09, 2017

Saudi Arabia Will Have 5% TAX on Money Transfer Fee


Money transfer charges will increase from Jan. 1 as 5% Value Added Tax (VAT) will be levied on money transfer fees, according to the General Authority of Zakat and Tax (GAZT), which is responsible for managing the implementation, administration and enforcement of VAT in Saudi Arabia in close coordination with other relevant entities. Advertisements The 5% VAT will be on the money transfer fee and not on the transfer amount, GAZT clarified, adding that VAT will be paid by the person sending money. However, many financial services will be exempt from VAT. These include several transactions and services such as interest on loans, lending fees charged with an implicit margin such as loans and credit cards, mortgages, financial leasing, transactions involving money and securities, as well as current, deposit and savings accounts. Other exempted services include life insurance policies. Registered businesses conducting economic activities are subject to VAT, but registered businesses conducting VAT-exempted economic activities are not entitled to deduct VAT. Sponsored Links The nature of economic activities will determine whether VAT should be levied on these or not. House rent and medicines are among some of the facilities and commodities exempted from Value Added Tax (VAT). VAT will be implemented in the Kingdom from Jan. 1 2018. No VAT will be levied on passport and driving license issuance and renewal fees. No VAT will apply on exports to countries outside the Gulf Cooperation Council, services given to non-residents of GCC countries, international transport services for goods and passengers, import of spare parts of qualified means of international transport and their maintenance, repair and modifications. Source: Saudi Gazzete Money transfer charges will increase from Jan. 1 as 5% Value Added Tax (VAT) will be levied on money transfer fees, according to the General Authority of Zakat and Tax (GAZT), which is responsible for managing the implementation, administration and enforcement of VAT in Saudi Arabia in close coordination with other relevant entities. Advertisements The 5% VAT will be on the money transfer fee and not on the transfer amount, GAZT clarified, adding that VAT will be paid by the person sending money. However, many financial services will be exempt from VAT. These include several transactions and services such as interest on loans, lending fees charged with an implicit margin such as loans and credit cards, mortgages, financial leasing, transactions involving money and securities, as well as current, deposit and savings accounts. Other exempted services include life insurance policies. Registered businesses conducting economic activities are subject to VAT, but registered businesses conducting VAT-exempted economic activities are not entitled to deduct VAT. Sponsored Links The nature of economic activities will determine whether VAT should be levied on these or not. House rent and medicines are among some of the facilities and commodities exempted from Value Added Tax (VAT). VAT will be implemented in the Kingdom from Jan. 1 2018. No VAT will be levied on passport and driving license issuance and renewal fees. No VAT will apply on exports to countries outside the Gulf Cooperation Council, services given to non-residents of GCC countries, international transport services for goods and passengers, import of spare parts of qualified means of international transport and their maintenance, repair and modifications. Source: Saudi Gazzete


  Starting January 1, 2018, money transfer charges will increase  as 5% Value Added Tax (VAT) will be levied on money transfer fees, according to the General Authority of Zakat and Tax (GAZT), the government branch responsible for managing the implementation, administration and enforcement of VAT in Saudi Arabia.
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The 5% VAT will be on the money transfer fee and not on the principal amount of the money to be transferred, GAZT clarified, adding that  the person who is sending the money will pay the VAT.

 However, many financial services will be exempt from VAT such as several transactions and services like interest on loans, lending fees charged with an implicit margin such as loans and credit cards, mortgages, financial leasing, transactions involving money and securities, as well as current, deposit and savings accounts.
Money transfer charges will increase from Jan. 1 as 5% Value Added Tax (VAT) will be levied on money transfer fees, according to the General Authority of Zakat and Tax (GAZT), which is responsible for managing the implementation, administration and enforcement of VAT in Saudi Arabia in close coordination with other relevant entities. Advertisements The 5% VAT will be on the money transfer fee and not on the transfer amount, GAZT clarified, adding that VAT will be paid by the person sending money. However, many financial services will be exempt from VAT. These include several transactions and services such as interest on loans, lending fees charged with an implicit margin such as loans and credit cards, mortgages, financial leasing, transactions involving money and securities, as well as current, deposit and savings accounts. Other exempted services include life insurance policies. Registered businesses conducting economic activities are subject to VAT, but registered businesses conducting VAT-exempted economic activities are not entitled to deduct VAT. Sponsored Links The nature of economic activities will determine whether VAT should be levied on these or not. House rent and medicines are among some of the facilities and commodities exempted from Value Added Tax (VAT). VAT will be implemented in the Kingdom from Jan. 1 2018. No VAT will be levied on passport and driving license issuance and renewal fees. No VAT will apply on exports to countries outside the Gulf Cooperation Council, services given to non-residents of GCC countries, international transport services for goods and passengers, import of spare parts of qualified means of international transport and their maintenance, repair and modifications. Source: Saudi Gazzete Money transfer charges will increase from Jan. 1 as 5% Value Added Tax (VAT) will be levied on money transfer fees, according to the General Authority of Zakat and Tax (GAZT), which is responsible for managing the implementation, administration and enforcement of VAT in Saudi Arabia in close coordination with other relevant entities. Advertisements The 5% VAT will be on the money transfer fee and not on the transfer amount, GAZT clarified, adding that VAT will be paid by the person sending money. However, many financial services will be exempt from VAT. These include several transactions and services such as interest on loans, lending fees charged with an implicit margin such as loans and credit cards, mortgages, financial leasing, transactions involving money and securities, as well as current, deposit and savings accounts. Other exempted services include life insurance policies. Registered businesses conducting economic activities are subject to VAT, but registered businesses conducting VAT-exempted economic activities are not entitled to deduct VAT. Sponsored Links The nature of economic activities will determine whether VAT should be levied on these or not. House rent and medicines are among some of the facilities and commodities exempted from Value Added Tax (VAT). VAT will be implemented in the Kingdom from Jan. 1 2018. No VAT will be levied on passport and driving license issuance and renewal fees. No VAT will apply on exports to countries outside the Gulf Cooperation Council, services given to non-residents of GCC countries, international transport services for goods and passengers, import of spare parts of qualified means of international transport and their maintenance, repair and modifications. Source: Saudi Gazzete Advertisement Read More: ©2017 THOUGHTSKOTO
Life insurance policies will also be exempted.
Registered businesses conducting economic activities are subject to VAT. However, businesses conducting VAT-exempted economic activities are not entitled to deduct VAT.
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 The determining factor whether VAT should be levied on these or not will be the nature of economic activities.
House rent and medicines are exempted from Value Added Tax (VAT) as well.
 Passport and driving license issuance and renewal fees will be exempted to vat.
Exports to countries outside the Gulf Cooperation Council, services given to non-residents of GCC countries, international transport services for goods and passengers, import of spare parts of qualified means of international transport and their maintenance, repair and modifications will also not be subjected to VAT.
Source: Saudi Gazzete
Money transfer charges will increase from Jan. 1 as 5% Value Added Tax (VAT) will be levied on money transfer fees, according to the General Authority of Zakat and Tax (GAZT), which is responsible for managing the implementation, administration and enforcement of VAT in Saudi Arabia in close coordination with other relevant entities. Advertisements The 5% VAT will be on the money transfer fee and not on the transfer amount, GAZT clarified, adding that VAT will be paid by the person sending money. However, many financial services will be exempt from VAT. These include several transactions and services such as interest on loans, lending fees charged with an implicit margin such as loans and credit cards, mortgages, financial leasing, transactions involving money and securities, as well as current, deposit and savings accounts. Other exempted services include life insurance policies. Registered businesses conducting economic activities are subject to VAT, but registered businesses conducting VAT-exempted economic activities are not entitled to deduct VAT. Sponsored Links The nature of economic activities will determine whether VAT should be levied on these or not. House rent and medicines are among some of the facilities and commodities exempted from Value Added Tax (VAT). VAT will be implemented in the Kingdom from Jan. 1 2018. No VAT will be levied on passport and driving license issuance and renewal fees. No VAT will apply on exports to countries outside the Gulf Cooperation Council, services given to non-residents of GCC countries, international transport services for goods and passengers, import of spare parts of qualified means of international transport and their maintenance, repair and modifications. Source: Saudi Gazzete

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Tuesday, January 24, 2017

BOC issues Rules on Tax and/or Duty-Free Importation of Returning Residents, OFWs

The Bureau of Customs has issued Customs Administrative Order (CAO) No. 06-2016, which covers the provisions of Republic Act No. 10863 (or the Customs Modernization and Tariff Act) on conditionally tax and/or duty–exempt importation of personal and household effects of “Returning Residents" and Returning Overseas Filipino Workers (OFWs). The said CAO was published in the Official Gazette on 9 January and will take effect 15 days days after its publication, or on 24 January. Below is a summary of the guidelines provided in the Customs Administrative Order: A. Who can avail of this privilege? 1. "Returning Resident" – a Filipino national, including his/her spouse and dependent children, who has stayed abroad for a period of at least 6 months and is returning to the Philippines. 2. Returning Overseas Filipino Worker (OFW) – holder of a valid passport 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. This covers all Filipinos working in a foreign country under employment contracts, regardless of their professions, skills or employment status. To avail of this privilege, the personal and household goods must accompany the Returning Residents or Returning OFWs upon their return from abroad or must arrive within a reasonable time, which shall not exceed sixty (60) days after the owner’s return. B. What are the beneficiaries allowed to bring in? 1. “Personal and Household Effects”, such as wearing apparel, personal adornments, electronic gadgets, toiletries, or similar items; furniture, dishes, linens, libraries, and similar household furnishing for personal use; and instruments related to one’s profession and analogous personal or household effects whether new or used, that are for personal use or consumption and not for commercial purposes, not intended for barter, sale or hire; 2. “Durables” such as household appliances, machinery, or sports equipment that may be used repeatedly or continuously over a period of a year or more, assuming a normal or average rate of physical usage. Note: Household appliances, jewelry, precious stones, and other goods of luxury that were previously exported from the Philippines are also exempt from the payment of duties and taxes if these are covered by a Certificate of Identification (CI) that was issued by an authorized Customs Officer before these goods were brought out or exported from the Philippines. Excisable items such as, but not limited to, distilled spirits, wines, cigars and cigarettes, perfumes, toilet waters, in excess of the allowable quantity to be prescribed by the Bureau shall be subject to payment of duties, taxes and other charges. C. How to avail of this privilege? For efficient cargo clearance, Returning Residents and Returning OFWs or their authorized representative must comply with the following: 1. Sign and submit in advance to BOC a “Personal and Household Effect Declaration Form,” which will be issued by the Bureau in a separate order; In case of accompanied baggage, submit the accomplished form upon arrival to a Customs Officer; 2. Secure a Duty and Tax Free Exemption Certificate (TEC) from the Revenue Office of the Department of Finance (DOF). D. Amount of Exemption: Exemption from payment of duties and taxes on personal and household effects of “Returning Residents” and Returning OFWs must not exceed the following values: 1. P350,000.00 for those who have stayed in a foreign country for at least ten (10) years and have not availed of this privilege within ten (10) years prior to the Returning Resident's or OFW's arrival; 2. P250,000.00 for those who have stayed in a foreign country for a period of at least five (5) years but not more than ten (10) years and have not availed of this privilege within five (5) years prior to the Returning Residents of OFW's arrival; or 3. P150,000.00 for those who have stayed in a foreign country for a period of less than five (5) years and have not availed for this privilege within six (6) months prior to the Returning Resident's or OFW's arrival. In addition to the privilege stated above, Returning OFWs are allowed to bring in, tax and duty-free, home appliances and other durables limited to one (1) of a kind, the total amount of which shall NOT exceed P150,000.00. Any amount in excess shall be subject to corresponding duties and taxes. E. Goods/Items EXCLUDED from these privileges: 1. Luxury items, unless covered by a pre – departure Certificate of Identification; 2. Vehicles; 3. Watercrafts; 4. Aircrafts; 5. Animals; 6. Donations; 7. Goods intended for barter, sale or hire; 8. Goods in commercial quantity; 9. Regulated goods in excess of the limits allowed by regulations; and 10. Prohibited and restricted goods. See original post here: Add caption Source: https://www.facebook.com/notes/bureau-of-customs-ph/boc-issues-rules-on-tax-andor-duty-free-importation-of-returning-residents-ofws/1863848377196270 RECOMMENDED: PRESIDENT DUTERTE VISITS ADMIRAL TRIBUTS DTI ACCREDITED CARGO FORWARDERS FOR 2017 NO MORE PHYSICAL INSPECTION FOR BALIKBAYAN BOXES BOC DELISTED CARGO FORWARDERS AND BROKERS BALIKBAYAN BOXES SHOULD BE PROTECTED DOLE ENCOURAGES OFW TEACHERS TO TEACH IN THE PHILIPPINES ©2017 THOUGHTSKOTO







The Bureau of Customs has issued Customs Administrative Order (CAO) No. 06-2016, which covers the provisions of Republic Act No. 10863 (or the Customs Modernization and Tariff Act) on conditionally tax and/or duty–exempt importation of personal and household effects of “Returning Residents" and Returning Overseas Filipino Workers (OFWs).

The said CAO was published in the Official Gazette on 9 January and will take effect 15 days days after its publication, or on 24 January.

Below is a summary of the guidelines provided in the Customs Administrative Order:





A. Who can avail of this privilege?

1. "Returning Resident" – a Filipino national, including his/her spouse and dependent children, who has stayed abroad for a period of at least 6 months and is returning to the Philippines. 

2. Returning Overseas Filipino Worker (OFW) – holder of a valid passport 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. This covers all Filipinos working in a foreign country under employment contracts, regardless of their professions, skills or employment status. 


To avail of this privilege, the personal and household goods must accompany the Returning Residents or Returning OFWs upon their return from abroad or must arrive within a reasonable time, which shall not exceed sixty (60) days after the owner’s return. 


B. What are the beneficiaries allowed to bring in? 


1. “Personal and Household Effects”, such as wearing apparel, personal adornments, electronic gadgets, toiletries, or similar items; furniture, dishes, linens, libraries, and similar household furnishing for personal use; and instruments related to one’s profession and analogous personal or household effects whether new or used, that are for personal use or consumption and not for commercial purposes, not intended for barter, sale or hire; 

2. “Durables” such as household appliances, machinery, or sports equipment that may be used repeatedly or continuously over a period of a year or more, assuming a normal or average rate of physical usage. 

Note: Household appliances, jewelry, precious stones, and other goods of luxury that were previously exported from the Philippines are also exempt from the payment of duties and taxes if these are covered by a Certificate of Identification (CI) that was issued by an authorized Customs Officer before these goods were brought out or exported from the Philippines. 

Excisable items such as, but not limited to, distilled spirits, wines, cigars and cigarettes, perfumes, toilet waters, in excess of the allowable quantity to be prescribed by the Bureau shall be subject to payment of duties, taxes and other charges. 



C. How to avail of this privilege? 

For efficient cargo clearance, Returning Residents and Returning OFWs or their authorized representative must comply with the following: 


1. Sign and submit in advance to BOC a “Personal and Household Effect Declaration Form,” which will be issued by the Bureau in a separate order; 

In case of accompanied baggage, submit the accomplished form upon arrival to a Customs Officer; 


2. Secure a Duty and Tax Free Exemption Certificate (TEC) from the Revenue Office of the Department of Finance (DOF). 




D. Amount of Exemption:



Exemption from payment of duties and taxes on personal and household effects of “Returning Residents” and Returning OFWs must not exceed the following values:

1. P350,000.00 for those who have stayed in a foreign country for at least ten (10) years and have not availed of this privilege within ten (10) years prior to the Returning Resident's or OFW's arrival;

2. P250,000.00 for those who have stayed in a foreign country for a period of at least five (5) years but not more than ten (10) years and have not availed of this privilege within five (5) years prior to the Returning Residents of OFW's arrival; or

3. P150,000.00 for those who have stayed in a foreign country for a period of less than five (5) years and have not availed for this privilege within six (6) months prior to the Returning Resident's or OFW's arrival.

In addition to the privilege stated above, Returning OFWs are allowed to bring in, tax and duty-free, home appliances and other durables limited to one (1) of a kind, the total amount of which shall NOT exceed P150,000.00. 
Any amount in excess shall be subject to corresponding duties and taxes.

E. Goods/Items EXCLUDED from these privileges:

1. Luxury items, unless covered by a pre – departure Certificate of Identification;

2. Vehicles;

3. Watercrafts;

4. Aircrafts;

5. Animals;

6. Donations;

7. Goods intended for barter, sale or hire;

8. Goods in commercial quantity;

9. Regulated goods in excess of the limits allowed by regulations; and

10. Prohibited and restricted goods.


See original post here:


The Bureau of Customs has issued Customs Administrative Order (CAO) No. 06-2016, which covers the provisions of Republic Act No. 10863 (or the Customs Modernization and Tariff Act) on conditionally tax and/or duty–exempt importation of personal and household effects of “Returning Residents" and Returning Overseas Filipino Workers (OFWs). The said CAO was published in the Official Gazette on 9 January and will take effect 15 days days after its publication, or on 24 January. Below is a summary of the guidelines provided in the Customs Administrative Order: A. Who can avail of this privilege? 1. "Returning Resident" – a Filipino national, including his/her spouse and dependent children, who has stayed abroad for a period of at least 6 months and is returning to the Philippines. 2. Returning Overseas Filipino Worker (OFW) – holder of a valid passport 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. This covers all Filipinos working in a foreign country under employment contracts, regardless of their professions, skills or employment status. To avail of this privilege, the personal and household goods must accompany the Returning Residents or Returning OFWs upon their return from abroad or must arrive within a reasonable time, which shall not exceed sixty (60) days after the owner’s return. B. What are the beneficiaries allowed to bring in? 1. “Personal and Household Effects”, such as wearing apparel, personal adornments, electronic gadgets, toiletries, or similar items; furniture, dishes, linens, libraries, and similar household furnishing for personal use; and instruments related to one’s profession and analogous personal or household effects whether new or used, that are for personal use or consumption and not for commercial purposes, not intended for barter, sale or hire; 2. “Durables” such as household appliances, machinery, or sports equipment that may be used repeatedly or continuously over a period of a year or more, assuming a normal or average rate of physical usage. Note: Household appliances, jewelry, precious stones, and other goods of luxury that were previously exported from the Philippines are also exempt from the payment of duties and taxes if these are covered by a Certificate of Identification (CI) that was issued by an authorized Customs Officer before these goods were brought out or exported from the Philippines. Excisable items such as, but not limited to, distilled spirits, wines, cigars and cigarettes, perfumes, toilet waters, in excess of the allowable quantity to be prescribed by the Bureau shall be subject to payment of duties, taxes and other charges. C. How to avail of this privilege? For efficient cargo clearance, Returning Residents and Returning OFWs or their authorized representative must comply with the following: 1. Sign and submit in advance to BOC a “Personal and Household Effect Declaration Form,” which will be issued by the Bureau in a separate order; In case of accompanied baggage, submit the accomplished form upon arrival to a Customs Officer; 2. Secure a Duty and Tax Free Exemption Certificate (TEC) from the Revenue Office of the Department of Finance (DOF). D. Amount of Exemption: Exemption from payment of duties and taxes on personal and household effects of “Returning Residents” and Returning OFWs must not exceed the following values: 1. P350,000.00 for those who have stayed in a foreign country for at least ten (10) years and have not availed of this privilege within ten (10) years prior to the Returning Resident's or OFW's arrival; 2. P250,000.00 for those who have stayed in a foreign country for a period of at least five (5) years but not more than ten (10) years and have not availed of this privilege within five (5) years prior to the Returning Residents of OFW's arrival; or 3. P150,000.00 for those who have stayed in a foreign country for a period of less than five (5) years and have not availed for this privilege within six (6) months prior to the Returning Resident's or OFW's arrival. In addition to the privilege stated above, Returning OFWs are allowed to bring in, tax and duty-free, home appliances and other durables limited to one (1) of a kind, the total amount of which shall NOT exceed P150,000.00. Any amount in excess shall be subject to corresponding duties and taxes. E. Goods/Items EXCLUDED from these privileges: 1. Luxury items, unless covered by a pre – departure Certificate of Identification; 2. Vehicles; 3. Watercrafts; 4. Aircrafts; 5. Animals; 6. Donations; 7. Goods intended for barter, sale or hire; 8. Goods in commercial quantity; 9. Regulated goods in excess of the limits allowed by regulations; and 10. Prohibited and restricted goods. See original post here: Add caption Source: https://www.facebook.com/notes/bureau-of-customs-ph/boc-issues-rules-on-tax-andor-duty-free-importation-of-returning-residents-ofws/1863848377196270 RECOMMENDED: PRESIDENT DUTERTE VISITS ADMIRAL TRIBUTS DTI ACCREDITED CARGO FORWARDERS FOR 2017 NO MORE PHYSICAL INSPECTION FOR BALIKBAYAN BOXES BOC DELISTED CARGO FORWARDERS AND BROKERS BALIKBAYAN BOXES SHOULD BE PROTECTED DOLE ENCOURAGES OFW TEACHERS TO TEACH IN THE PHILIPPINES ©2017 THOUGHTSKOTO

The Bureau of Customs has issued Customs Administrative Order (CAO) No. 06-2016, which covers the provisions of Republic Act No. 10863 (or the Customs Modernization and Tariff Act) on conditionally tax and/or duty–exempt importation of personal and household effects of “Returning Residents" and Returning Overseas Filipino Workers (OFWs). The said CAO was published in the Official Gazette on 9 January and will take effect 15 days days after its publication, or on 24 January. Below is a summary of the guidelines provided in the Customs Administrative Order: A. Who can avail of this privilege? 1. "Returning Resident" – a Filipino national, including his/her spouse and dependent children, who has stayed abroad for a period of at least 6 months and is returning to the Philippines. 2. Returning Overseas Filipino Worker (OFW) – holder of a valid passport 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. This covers all Filipinos working in a foreign country under employment contracts, regardless of their professions, skills or employment status. To avail of this privilege, the personal and household goods must accompany the Returning Residents or Returning OFWs upon their return from abroad or must arrive within a reasonable time, which shall not exceed sixty (60) days after the owner’s return. B. What are the beneficiaries allowed to bring in? 1. “Personal and Household Effects”, such as wearing apparel, personal adornments, electronic gadgets, toiletries, or similar items; furniture, dishes, linens, libraries, and similar household furnishing for personal use; and instruments related to one’s profession and analogous personal or household effects whether new or used, that are for personal use or consumption and not for commercial purposes, not intended for barter, sale or hire; 2. “Durables” such as household appliances, machinery, or sports equipment that may be used repeatedly or continuously over a period of a year or more, assuming a normal or average rate of physical usage. Note: Household appliances, jewelry, precious stones, and other goods of luxury that were previously exported from the Philippines are also exempt from the payment of duties and taxes if these are covered by a Certificate of Identification (CI) that was issued by an authorized Customs Officer before these goods were brought out or exported from the Philippines. Excisable items such as, but not limited to, distilled spirits, wines, cigars and cigarettes, perfumes, toilet waters, in excess of the allowable quantity to be prescribed by the Bureau shall be subject to payment of duties, taxes and other charges. C. How to avail of this privilege? For efficient cargo clearance, Returning Residents and Returning OFWs or their authorized representative must comply with the following: 1. Sign and submit in advance to BOC a “Personal and Household Effect Declaration Form,” which will be issued by the Bureau in a separate order; In case of accompanied baggage, submit the accomplished form upon arrival to a Customs Officer; 2. Secure a Duty and Tax Free Exemption Certificate (TEC) from the Revenue Office of the Department of Finance (DOF). D. Amount of Exemption: Exemption from payment of duties and taxes on personal and household effects of “Returning Residents” and Returning OFWs must not exceed the following values: 1. P350,000.00 for those who have stayed in a foreign country for at least ten (10) years and have not availed of this privilege within ten (10) years prior to the Returning Resident's or OFW's arrival; 2. P250,000.00 for those who have stayed in a foreign country for a period of at least five (5) years but not more than ten (10) years and have not availed of this privilege within five (5) years prior to the Returning Residents of OFW's arrival; or 3. P150,000.00 for those who have stayed in a foreign country for a period of less than five (5) years and have not availed for this privilege within six (6) months prior to the Returning Resident's or OFW's arrival. In addition to the privilege stated above, Returning OFWs are allowed to bring in, tax and duty-free, home appliances and other durables limited to one (1) of a kind, the total amount of which shall NOT exceed P150,000.00. Any amount in excess shall be subject to corresponding duties and taxes. E. Goods/Items EXCLUDED from these privileges: 1. Luxury items, unless covered by a pre – departure Certificate of Identification; 2. Vehicles; 3. Watercrafts; 4. Aircrafts; 5. Animals; 6. Donations; 7. Goods intended for barter, sale or hire; 8. Goods in commercial quantity; 9. Regulated goods in excess of the limits allowed by regulations; and 10. Prohibited and restricted goods. See original post here: Add caption Source: https://www.facebook.com/notes/bureau-of-customs-ph/boc-issues-rules-on-tax-andor-duty-free-importation-of-returning-residents-ofws/1863848377196270 RECOMMENDED: PRESIDENT DUTERTE VISITS ADMIRAL TRIBUTS DTI ACCREDITED CARGO FORWARDERS FOR 2017 NO MORE PHYSICAL INSPECTION FOR BALIKBAYAN BOXES BOC DELISTED CARGO FORWARDERS AND BROKERS BALIKBAYAN BOXES SHOULD BE PROTECTED DOLE ENCOURAGES OFW TEACHERS TO TEACH IN THE PHILIPPINES ©2017 THOUGHTSKOTO

The Bureau of Customs has issued Customs Administrative Order (CAO) No. 06-2016, which covers the provisions of Republic Act No. 10863 (or the Customs Modernization and Tariff Act) on conditionally tax and/or duty–exempt importation of personal and household effects of “Returning Residents" and Returning Overseas Filipino Workers (OFWs). The said CAO was published in the Official Gazette on 9 January and will take effect 15 days days after its publication, or on 24 January. Below is a summary of the guidelines provided in the Customs Administrative Order: A. Who can avail of this privilege? 1. "Returning Resident" – a Filipino national, including his/her spouse and dependent children, who has stayed abroad for a period of at least 6 months and is returning to the Philippines. 2. Returning Overseas Filipino Worker (OFW) – holder of a valid passport 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. This covers all Filipinos working in a foreign country under employment contracts, regardless of their professions, skills or employment status. To avail of this privilege, the personal and household goods must accompany the Returning Residents or Returning OFWs upon their return from abroad or must arrive within a reasonable time, which shall not exceed sixty (60) days after the owner’s return. B. What are the beneficiaries allowed to bring in? 1. “Personal and Household Effects”, such as wearing apparel, personal adornments, electronic gadgets, toiletries, or similar items; furniture, dishes, linens, libraries, and similar household furnishing for personal use; and instruments related to one’s profession and analogous personal or household effects whether new or used, that are for personal use or consumption and not for commercial purposes, not intended for barter, sale or hire; 2. “Durables” such as household appliances, machinery, or sports equipment that may be used repeatedly or continuously over a period of a year or more, assuming a normal or average rate of physical usage. Note: Household appliances, jewelry, precious stones, and other goods of luxury that were previously exported from the Philippines are also exempt from the payment of duties and taxes if these are covered by a Certificate of Identification (CI) that was issued by an authorized Customs Officer before these goods were brought out or exported from the Philippines. Excisable items such as, but not limited to, distilled spirits, wines, cigars and cigarettes, perfumes, toilet waters, in excess of the allowable quantity to be prescribed by the Bureau shall be subject to payment of duties, taxes and other charges. C. How to avail of this privilege? For efficient cargo clearance, Returning Residents and Returning OFWs or their authorized representative must comply with the following: 1. Sign and submit in advance to BOC a “Personal and Household Effect Declaration Form,” which will be issued by the Bureau in a separate order; In case of accompanied baggage, submit the accomplished form upon arrival to a Customs Officer; 2. Secure a Duty and Tax Free Exemption Certificate (TEC) from the Revenue Office of the Department of Finance (DOF). D. Amount of Exemption: Exemption from payment of duties and taxes on personal and household effects of “Returning Residents” and Returning OFWs must not exceed the following values: 1. P350,000.00 for those who have stayed in a foreign country for at least ten (10) years and have not availed of this privilege within ten (10) years prior to the Returning Resident's or OFW's arrival; 2. P250,000.00 for those who have stayed in a foreign country for a period of at least five (5) years but not more than ten (10) years and have not availed of this privilege within five (5) years prior to the Returning Residents of OFW's arrival; or 3. P150,000.00 for those who have stayed in a foreign country for a period of less than five (5) years and have not availed for this privilege within six (6) months prior to the Returning Resident's or OFW's arrival. In addition to the privilege stated above, Returning OFWs are allowed to bring in, tax and duty-free, home appliances and other durables limited to one (1) of a kind, the total amount of which shall NOT exceed P150,000.00. Any amount in excess shall be subject to corresponding duties and taxes. E. Goods/Items EXCLUDED from these privileges: 1. Luxury items, unless covered by a pre – departure Certificate of Identification; 2. Vehicles; 3. Watercrafts; 4. Aircrafts; 5. Animals; 6. Donations; 7. Goods intended for barter, sale or hire; 8. Goods in commercial quantity; 9. Regulated goods in excess of the limits allowed by regulations; and 10. Prohibited and restricted goods. See original post here: Add caption Source: https://www.facebook.com/notes/bureau-of-customs-ph/boc-issues-rules-on-tax-andor-duty-free-importation-of-returning-residents-ofws/1863848377196270 RECOMMENDED: PRESIDENT DUTERTE VISITS ADMIRAL TRIBUTS DTI ACCREDITED CARGO FORWARDERS FOR 2017 NO MORE PHYSICAL INSPECTION FOR BALIKBAYAN BOXES BOC DELISTED CARGO FORWARDERS AND BROKERS BALIKBAYAN BOXES SHOULD BE PROTECTED DOLE ENCOURAGES OFW TEACHERS TO TEACH IN THE PHILIPPINES ©2017 THOUGHTSKOTO

The Bureau of Customs has issued Customs Administrative Order (CAO) No. 06-2016, which covers the provisions of Republic Act No. 10863 (or the Customs Modernization and Tariff Act) on conditionally tax and/or duty–exempt importation of personal and household effects of “Returning Residents" and Returning Overseas Filipino Workers (OFWs). The said CAO was published in the Official Gazette on 9 January and will take effect 15 days days after its publication, or on 24 January. Below is a summary of the guidelines provided in the Customs Administrative Order: A. Who can avail of this privilege? 1. "Returning Resident" – a Filipino national, including his/her spouse and dependent children, who has stayed abroad for a period of at least 6 months and is returning to the Philippines. 2. Returning Overseas Filipino Worker (OFW) – holder of a valid passport 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. This covers all Filipinos working in a foreign country under employment contracts, regardless of their professions, skills or employment status. To avail of this privilege, the personal and household goods must accompany the Returning Residents or Returning OFWs upon their return from abroad or must arrive within a reasonable time, which shall not exceed sixty (60) days after the owner’s return. B. What are the beneficiaries allowed to bring in? 1. “Personal and Household Effects”, such as wearing apparel, personal adornments, electronic gadgets, toiletries, or similar items; furniture, dishes, linens, libraries, and similar household furnishing for personal use; and instruments related to one’s profession and analogous personal or household effects whether new or used, that are for personal use or consumption and not for commercial purposes, not intended for barter, sale or hire; 2. “Durables” such as household appliances, machinery, or sports equipment that may be used repeatedly or continuously over a period of a year or more, assuming a normal or average rate of physical usage. Note: Household appliances, jewelry, precious stones, and other goods of luxury that were previously exported from the Philippines are also exempt from the payment of duties and taxes if these are covered by a Certificate of Identification (CI) that was issued by an authorized Customs Officer before these goods were brought out or exported from the Philippines. Excisable items such as, but not limited to, distilled spirits, wines, cigars and cigarettes, perfumes, toilet waters, in excess of the allowable quantity to be prescribed by the Bureau shall be subject to payment of duties, taxes and other charges. C. How to avail of this privilege? For efficient cargo clearance, Returning Residents and Returning OFWs or their authorized representative must comply with the following: 1. Sign and submit in advance to BOC a “Personal and Household Effect Declaration Form,” which will be issued by the Bureau in a separate order; In case of accompanied baggage, submit the accomplished form upon arrival to a Customs Officer; 2. Secure a Duty and Tax Free Exemption Certificate (TEC) from the Revenue Office of the Department of Finance (DOF). D. Amount of Exemption: Exemption from payment of duties and taxes on personal and household effects of “Returning Residents” and Returning OFWs must not exceed the following values: 1. P350,000.00 for those who have stayed in a foreign country for at least ten (10) years and have not availed of this privilege within ten (10) years prior to the Returning Resident's or OFW's arrival; 2. P250,000.00 for those who have stayed in a foreign country for a period of at least five (5) years but not more than ten (10) years and have not availed of this privilege within five (5) years prior to the Returning Residents of OFW's arrival; or 3. P150,000.00 for those who have stayed in a foreign country for a period of less than five (5) years and have not availed for this privilege within six (6) months prior to the Returning Resident's or OFW's arrival. In addition to the privilege stated above, Returning OFWs are allowed to bring in, tax and duty-free, home appliances and other durables limited to one (1) of a kind, the total amount of which shall NOT exceed P150,000.00. Any amount in excess shall be subject to corresponding duties and taxes. E. Goods/Items EXCLUDED from these privileges: 1. Luxury items, unless covered by a pre – departure Certificate of Identification; 2. Vehicles; 3. Watercrafts; 4. Aircrafts; 5. Animals; 6. Donations; 7. Goods intended for barter, sale or hire; 8. Goods in commercial quantity; 9. Regulated goods in excess of the limits allowed by regulations; and 10. Prohibited and restricted goods. See original post here: Add caption Source: https://www.facebook.com/notes/bureau-of-customs-ph/boc-issues-rules-on-tax-andor-duty-free-importation-of-returning-residents-ofws/1863848377196270 RECOMMENDED: PRESIDENT DUTERTE VISITS ADMIRAL TRIBUTS DTI ACCREDITED CARGO FORWARDERS FOR 2017 NO MORE PHYSICAL INSPECTION FOR BALIKBAYAN BOXES BOC DELISTED CARGO FORWARDERS AND BROKERS BALIKBAYAN BOXES SHOULD BE PROTECTED DOLE ENCOURAGES OFW TEACHERS TO TEACH IN THE PHILIPPINES ©2017 THOUGHTSKOTO
(Images from the BOC website.)

The Bureau of Customs has issued Customs Administrative Order (CAO) No. 06-2016, which covers the provisions of Republic Act No. 10863 (or the Customs Modernization and Tariff Act) on conditionally tax and/or duty–exempt importation of personal and household effects of “Returning Residents" and Returning Overseas Filipino Workers (OFWs). The said CAO was published in the Official Gazette on 9 January and will take effect 15 days days after its publication, or on 24 January. Below is a summary of the guidelines provided in the Customs Administrative Order: A. Who can avail of this privilege? 1. "Returning Resident" – a Filipino national, including his/her spouse and dependent children, who has stayed abroad for a period of at least 6 months and is returning to the Philippines. 2. Returning Overseas Filipino Worker (OFW) – holder of a valid passport 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. This covers all Filipinos working in a foreign country under employment contracts, regardless of their professions, skills or employment status. To avail of this privilege, the personal and household goods must accompany the Returning Residents or Returning OFWs upon their return from abroad or must arrive within a reasonable time, which shall not exceed sixty (60) days after the owner’s return. B. What are the beneficiaries allowed to bring in? 1. “Personal and Household Effects”, such as wearing apparel, personal adornments, electronic gadgets, toiletries, or similar items; furniture, dishes, linens, libraries, and similar household furnishing for personal use; and instruments related to one’s profession and analogous personal or household effects whether new or used, that are for personal use or consumption and not for commercial purposes, not intended for barter, sale or hire; 2. “Durables” such as household appliances, machinery, or sports equipment that may be used repeatedly or continuously over a period of a year or more, assuming a normal or average rate of physical usage. Note: Household appliances, jewelry, precious stones, and other goods of luxury that were previously exported from the Philippines are also exempt from the payment of duties and taxes if these are covered by a Certificate of Identification (CI) that was issued by an authorized Customs Officer before these goods were brought out or exported from the Philippines. Excisable items such as, but not limited to, distilled spirits, wines, cigars and cigarettes, perfumes, toilet waters, in excess of the allowable quantity to be prescribed by the Bureau shall be subject to payment of duties, taxes and other charges. C. How to avail of this privilege? For efficient cargo clearance, Returning Residents and Returning OFWs or their authorized representative must comply with the following: 1. Sign and submit in advance to BOC a “Personal and Household Effect Declaration Form,” which will be issued by the Bureau in a separate order; In case of accompanied baggage, submit the accomplished form upon arrival to a Customs Officer; 2. Secure a Duty and Tax Free Exemption Certificate (TEC) from the Revenue Office of the Department of Finance (DOF). D. Amount of Exemption: Exemption from payment of duties and taxes on personal and household effects of “Returning Residents” and Returning OFWs must not exceed the following values: 1. P350,000.00 for those who have stayed in a foreign country for at least ten (10) years and have not availed of this privilege within ten (10) years prior to the Returning Resident's or OFW's arrival; 2. P250,000.00 for those who have stayed in a foreign country for a period of at least five (5) years but not more than ten (10) years and have not availed of this privilege within five (5) years prior to the Returning Residents of OFW's arrival; or 3. P150,000.00 for those who have stayed in a foreign country for a period of less than five (5) years and have not availed for this privilege within six (6) months prior to the Returning Resident's or OFW's arrival. In addition to the privilege stated above, Returning OFWs are allowed to bring in, tax and duty-free, home appliances and other durables limited to one (1) of a kind, the total amount of which shall NOT exceed P150,000.00. Any amount in excess shall be subject to corresponding duties and taxes. E. Goods/Items EXCLUDED from these privileges: 1. Luxury items, unless covered by a pre – departure Certificate of Identification; 2. Vehicles; 3. Watercrafts; 4. Aircrafts; 5. Animals; 6. Donations; 7. Goods intended for barter, sale or hire; 8. Goods in commercial quantity; 9. Regulated goods in excess of the limits allowed by regulations; and 10. Prohibited and restricted goods. See original post here: Add caption Source: https://www.facebook.com/notes/bureau-of-customs-ph/boc-issues-rules-on-tax-andor-duty-free-importation-of-returning-residents-ofws/1863848377196270 RECOMMENDED: PRESIDENT DUTERTE VISITS ADMIRAL TRIBUTS DTI ACCREDITED CARGO FORWARDERS FOR 2017 NO MORE PHYSICAL INSPECTION FOR BALIKBAYAN BOXES BOC DELISTED CARGO FORWARDERS AND BROKERS BALIKBAYAN BOXES SHOULD BE PROTECTED DOLE ENCOURAGES OFW TEACHERS TO TEACH IN THE PHILIPPINES ©2017 THOUGHTSKOTO

The Bureau of Customs has issued Customs Administrative Order (CAO) No. 06-2016, which covers the provisions of Republic Act No. 10863 (or the Customs Modernization and Tariff Act) on conditionally tax and/or duty–exempt importation of personal and household effects of “Returning Residents" and Returning Overseas Filipino Workers (OFWs). The said CAO was published in the Official Gazette on 9 January and will take effect 15 days days after its publication, or on 24 January. Below is a summary of the guidelines provided in the Customs Administrative Order: A. Who can avail of this privilege? 1. "Returning Resident" – a Filipino national, including his/her spouse and dependent children, who has stayed abroad for a period of at least 6 months and is returning to the Philippines. 2. Returning Overseas Filipino Worker (OFW) – holder of a valid passport 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. This covers all Filipinos working in a foreign country under employment contracts, regardless of their professions, skills or employment status. To avail of this privilege, the personal and household goods must accompany the Returning Residents or Returning OFWs upon their return from abroad or must arrive within a reasonable time, which shall not exceed sixty (60) days after the owner’s return. B. What are the beneficiaries allowed to bring in? 1. “Personal and Household Effects”, such as wearing apparel, personal adornments, electronic gadgets, toiletries, or similar items; furniture, dishes, linens, libraries, and similar household furnishing for personal use; and instruments related to one’s profession and analogous personal or household effects whether new or used, that are for personal use or consumption and not for commercial purposes, not intended for barter, sale or hire; 2. “Durables” such as household appliances, machinery, or sports equipment that may be used repeatedly or continuously over a period of a year or more, assuming a normal or average rate of physical usage. Note: Household appliances, jewelry, precious stones, and other goods of luxury that were previously exported from the Philippines are also exempt from the payment of duties and taxes if these are covered by a Certificate of Identification (CI) that was issued by an authorized Customs Officer before these goods were brought out or exported from the Philippines. Excisable items such as, but not limited to, distilled spirits, wines, cigars and cigarettes, perfumes, toilet waters, in excess of the allowable quantity to be prescribed by the Bureau shall be subject to payment of duties, taxes and other charges. C. How to avail of this privilege? For efficient cargo clearance, Returning Residents and Returning OFWs or their authorized representative must comply with the following: 1. Sign and submit in advance to BOC a “Personal and Household Effect Declaration Form,” which will be issued by the Bureau in a separate order; In case of accompanied baggage, submit the accomplished form upon arrival to a Customs Officer; 2. Secure a Duty and Tax Free Exemption Certificate (TEC) from the Revenue Office of the Department of Finance (DOF). D. Amount of Exemption: Exemption from payment of duties and taxes on personal and household effects of “Returning Residents” and Returning OFWs must not exceed the following values: 1. P350,000.00 for those who have stayed in a foreign country for at least ten (10) years and have not availed of this privilege within ten (10) years prior to the Returning Resident's or OFW's arrival; 2. P250,000.00 for those who have stayed in a foreign country for a period of at least five (5) years but not more than ten (10) years and have not availed of this privilege within five (5) years prior to the Returning Residents of OFW's arrival; or 3. P150,000.00 for those who have stayed in a foreign country for a period of less than five (5) years and have not availed for this privilege within six (6) months prior to the Returning Resident's or OFW's arrival. In addition to the privilege stated above, Returning OFWs are allowed to bring in, tax and duty-free, home appliances and other durables limited to one (1) of a kind, the total amount of which shall NOT exceed P150,000.00. Any amount in excess shall be subject to corresponding duties and taxes. E. Goods/Items EXCLUDED from these privileges: 1. Luxury items, unless covered by a pre – departure Certificate of Identification; 2. Vehicles; 3. Watercrafts; 4. Aircrafts; 5. Animals; 6. Donations; 7. Goods intended for barter, sale or hire; 8. Goods in commercial quantity; 9. Regulated goods in excess of the limits allowed by regulations; and 10. Prohibited and restricted goods. See original post here: Add caption Source: https://www.facebook.com/notes/bureau-of-customs-ph/boc-issues-rules-on-tax-andor-duty-free-importation-of-returning-residents-ofws/1863848377196270 RECOMMENDED: PRESIDENT DUTERTE VISITS ADMIRAL TRIBUTS DTI ACCREDITED CARGO FORWARDERS FOR 2017 NO MORE PHYSICAL INSPECTION FOR BALIKBAYAN BOXES BOC DELISTED CARGO FORWARDERS AND BROKERS BALIKBAYAN BOXES SHOULD BE PROTECTED DOLE ENCOURAGES OFW TEACHERS TO TEACH IN THE PHILIPPINES ©2017 THOUGHTSKOTO

The Bureau of Customs has issued Customs Administrative Order (CAO) No. 06-2016, which covers the provisions of Republic Act No. 10863 (or the Customs Modernization and Tariff Act) on conditionally tax and/or duty–exempt importation of personal and household effects of “Returning Residents" and Returning Overseas Filipino Workers (OFWs). The said CAO was published in the Official Gazette on 9 January and will take effect 15 days days after its publication, or on 24 January. Below is a summary of the guidelines provided in the Customs Administrative Order: A. Who can avail of this privilege? 1. "Returning Resident" – a Filipino national, including his/her spouse and dependent children, who has stayed abroad for a period of at least 6 months and is returning to the Philippines. 2. Returning Overseas Filipino Worker (OFW) – holder of a valid passport 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. This covers all Filipinos working in a foreign country under employment contracts, regardless of their professions, skills or employment status. To avail of this privilege, the personal and household goods must accompany the Returning Residents or Returning OFWs upon their return from abroad or must arrive within a reasonable time, which shall not exceed sixty (60) days after the owner’s return. B. What are the beneficiaries allowed to bring in? 1. “Personal and Household Effects”, such as wearing apparel, personal adornments, electronic gadgets, toiletries, or similar items; furniture, dishes, linens, libraries, and similar household furnishing for personal use; and instruments related to one’s profession and analogous personal or household effects whether new or used, that are for personal use or consumption and not for commercial purposes, not intended for barter, sale or hire; 2. “Durables” such as household appliances, machinery, or sports equipment that may be used repeatedly or continuously over a period of a year or more, assuming a normal or average rate of physical usage. Note: Household appliances, jewelry, precious stones, and other goods of luxury that were previously exported from the Philippines are also exempt from the payment of duties and taxes if these are covered by a Certificate of Identification (CI) that was issued by an authorized Customs Officer before these goods were brought out or exported from the Philippines. Excisable items such as, but not limited to, distilled spirits, wines, cigars and cigarettes, perfumes, toilet waters, in excess of the allowable quantity to be prescribed by the Bureau shall be subject to payment of duties, taxes and other charges. C. How to avail of this privilege? For efficient cargo clearance, Returning Residents and Returning OFWs or their authorized representative must comply with the following: 1. Sign and submit in advance to BOC a “Personal and Household Effect Declaration Form,” which will be issued by the Bureau in a separate order; In case of accompanied baggage, submit the accomplished form upon arrival to a Customs Officer; 2. Secure a Duty and Tax Free Exemption Certificate (TEC) from the Revenue Office of the Department of Finance (DOF). D. Amount of Exemption: Exemption from payment of duties and taxes on personal and household effects of “Returning Residents” and Returning OFWs must not exceed the following values: 1. P350,000.00 for those who have stayed in a foreign country for at least ten (10) years and have not availed of this privilege within ten (10) years prior to the Returning Resident's or OFW's arrival; 2. P250,000.00 for those who have stayed in a foreign country for a period of at least five (5) years but not more than ten (10) years and have not availed of this privilege within five (5) years prior to the Returning Residents of OFW's arrival; or 3. P150,000.00 for those who have stayed in a foreign country for a period of less than five (5) years and have not availed for this privilege within six (6) months prior to the Returning Resident's or OFW's arrival. In addition to the privilege stated above, Returning OFWs are allowed to bring in, tax and duty-free, home appliances and other durables limited to one (1) of a kind, the total amount of which shall NOT exceed P150,000.00. Any amount in excess shall be subject to corresponding duties and taxes. E. Goods/Items EXCLUDED from these privileges: 1. Luxury items, unless covered by a pre – departure Certificate of Identification; 2. Vehicles; 3. Watercrafts; 4. Aircrafts; 5. Animals; 6. Donations; 7. Goods intended for barter, sale or hire; 8. Goods in commercial quantity; 9. Regulated goods in excess of the limits allowed by regulations; and 10. Prohibited and restricted goods. See original post here: Add caption Source: https://www.facebook.com/notes/bureau-of-customs-ph/boc-issues-rules-on-tax-andor-duty-free-importation-of-returning-residents-ofws/1863848377196270 RECOMMENDED: PRESIDENT DUTERTE VISITS ADMIRAL TRIBUTS DTI ACCREDITED CARGO FORWARDERS FOR 2017 NO MORE PHYSICAL INSPECTION FOR BALIKBAYAN BOXES BOC DELISTED CARGO FORWARDERS AND BROKERS BALIKBAYAN BOXES SHOULD BE PROTECTED DOLE ENCOURAGES OFW TEACHERS TO TEACH IN THE PHILIPPINES ©2017 THOUGHTSKOTO

The Bureau of Customs has issued Customs Administrative Order (CAO) No. 06-2016, which covers the provisions of Republic Act No. 10863 (or the Customs Modernization and Tariff Act) on conditionally tax and/or duty–exempt importation of personal and household effects of “Returning Residents" and Returning Overseas Filipino Workers (OFWs). The said CAO was published in the Official Gazette on 9 January and will take effect 15 days days after its publication, or on 24 January. Below is a summary of the guidelines provided in the Customs Administrative Order: A. Who can avail of this privilege? 1. "Returning Resident" – a Filipino national, including his/her spouse and dependent children, who has stayed abroad for a period of at least 6 months and is returning to the Philippines. 2. Returning Overseas Filipino Worker (OFW) – holder of a valid passport 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. This covers all Filipinos working in a foreign country under employment contracts, regardless of their professions, skills or employment status. To avail of this privilege, the personal and household goods must accompany the Returning Residents or Returning OFWs upon their return from abroad or must arrive within a reasonable time, which shall not exceed sixty (60) days after the owner’s return. B. What are the beneficiaries allowed to bring in? 1. “Personal and Household Effects”, such as wearing apparel, personal adornments, electronic gadgets, toiletries, or similar items; furniture, dishes, linens, libraries, and similar household furnishing for personal use; and instruments related to one’s profession and analogous personal or household effects whether new or used, that are for personal use or consumption and not for commercial purposes, not intended for barter, sale or hire; 2. “Durables” such as household appliances, machinery, or sports equipment that may be used repeatedly or continuously over a period of a year or more, assuming a normal or average rate of physical usage. Note: Household appliances, jewelry, precious stones, and other goods of luxury that were previously exported from the Philippines are also exempt from the payment of duties and taxes if these are covered by a Certificate of Identification (CI) that was issued by an authorized Customs Officer before these goods were brought out or exported from the Philippines. Excisable items such as, but not limited to, distilled spirits, wines, cigars and cigarettes, perfumes, toilet waters, in excess of the allowable quantity to be prescribed by the Bureau shall be subject to payment of duties, taxes and other charges. C. How to avail of this privilege? For efficient cargo clearance, Returning Residents and Returning OFWs or their authorized representative must comply with the following: 1. Sign and submit in advance to BOC a “Personal and Household Effect Declaration Form,” which will be issued by the Bureau in a separate order; In case of accompanied baggage, submit the accomplished form upon arrival to a Customs Officer; 2. Secure a Duty and Tax Free Exemption Certificate (TEC) from the Revenue Office of the Department of Finance (DOF). D. Amount of Exemption: Exemption from payment of duties and taxes on personal and household effects of “Returning Residents” and Returning OFWs must not exceed the following values: 1. P350,000.00 for those who have stayed in a foreign country for at least ten (10) years and have not availed of this privilege within ten (10) years prior to the Returning Resident's or OFW's arrival; 2. P250,000.00 for those who have stayed in a foreign country for a period of at least five (5) years but not more than ten (10) years and have not availed of this privilege within five (5) years prior to the Returning Residents of OFW's arrival; or 3. P150,000.00 for those who have stayed in a foreign country for a period of less than five (5) years and have not availed for this privilege within six (6) months prior to the Returning Resident's or OFW's arrival. In addition to the privilege stated above, Returning OFWs are allowed to bring in, tax and duty-free, home appliances and other durables limited to one (1) of a kind, the total amount of which shall NOT exceed P150,000.00. Any amount in excess shall be subject to corresponding duties and taxes. E. Goods/Items EXCLUDED from these privileges: 1. Luxury items, unless covered by a pre – departure Certificate of Identification; 2. Vehicles; 3. Watercrafts; 4. Aircrafts; 5. Animals; 6. Donations; 7. Goods intended for barter, sale or hire; 8. Goods in commercial quantity; 9. Regulated goods in excess of the limits allowed by regulations; and 10. Prohibited and restricted goods. See original post here: Add caption Source: https://www.facebook.com/notes/bureau-of-customs-ph/boc-issues-rules-on-tax-andor-duty-free-importation-of-returning-residents-ofws/1863848377196270 RECOMMENDED: PRESIDENT DUTERTE VISITS ADMIRAL TRIBUTS DTI ACCREDITED CARGO FORWARDERS FOR 2017 NO MORE PHYSICAL INSPECTION FOR BALIKBAYAN BOXES BOC DELISTED CARGO FORWARDERS AND BROKERS BALIKBAYAN BOXES SHOULD BE PROTECTED DOLE ENCOURAGES OFW TEACHERS TO TEACH IN THE PHILIPPINES ©2017 THOUGHTSKOTO

The Bureau of Customs has issued Customs Administrative Order (CAO) No. 06-2016, which covers the provisions of Republic Act No. 10863 (or the Customs Modernization and Tariff Act) on conditionally tax and/or duty–exempt importation of personal and household effects of “Returning Residents" and Returning Overseas Filipino Workers (OFWs). The said CAO was published in the Official Gazette on 9 January and will take effect 15 days days after its publication, or on 24 January. Below is a summary of the guidelines provided in the Customs Administrative Order: A. Who can avail of this privilege? 1. "Returning Resident" – a Filipino national, including his/her spouse and dependent children, who has stayed abroad for a period of at least 6 months and is returning to the Philippines. 2. Returning Overseas Filipino Worker (OFW) – holder of a valid passport 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. This covers all Filipinos working in a foreign country under employment contracts, regardless of their professions, skills or employment status. To avail of this privilege, the personal and household goods must accompany the Returning Residents or Returning OFWs upon their return from abroad or must arrive within a reasonable time, which shall not exceed sixty (60) days after the owner’s return. B. What are the beneficiaries allowed to bring in? 1. “Personal and Household Effects”, such as wearing apparel, personal adornments, electronic gadgets, toiletries, or similar items; furniture, dishes, linens, libraries, and similar household furnishing for personal use; and instruments related to one’s profession and analogous personal or household effects whether new or used, that are for personal use or consumption and not for commercial purposes, not intended for barter, sale or hire; 2. “Durables” such as household appliances, machinery, or sports equipment that may be used repeatedly or continuously over a period of a year or more, assuming a normal or average rate of physical usage. Note: Household appliances, jewelry, precious stones, and other goods of luxury that were previously exported from the Philippines are also exempt from the payment of duties and taxes if these are covered by a Certificate of Identification (CI) that was issued by an authorized Customs Officer before these goods were brought out or exported from the Philippines. Excisable items such as, but not limited to, distilled spirits, wines, cigars and cigarettes, perfumes, toilet waters, in excess of the allowable quantity to be prescribed by the Bureau shall be subject to payment of duties, taxes and other charges. C. How to avail of this privilege? For efficient cargo clearance, Returning Residents and Returning OFWs or their authorized representative must comply with the following: 1. Sign and submit in advance to BOC a “Personal and Household Effect Declaration Form,” which will be issued by the Bureau in a separate order; In case of accompanied baggage, submit the accomplished form upon arrival to a Customs Officer; 2. Secure a Duty and Tax Free Exemption Certificate (TEC) from the Revenue Office of the Department of Finance (DOF). D. Amount of Exemption: Exemption from payment of duties and taxes on personal and household effects of “Returning Residents” and Returning OFWs must not exceed the following values: 1. P350,000.00 for those who have stayed in a foreign country for at least ten (10) years and have not availed of this privilege within ten (10) years prior to the Returning Resident's or OFW's arrival; 2. P250,000.00 for those who have stayed in a foreign country for a period of at least five (5) years but not more than ten (10) years and have not availed of this privilege within five (5) years prior to the Returning Residents of OFW's arrival; or 3. P150,000.00 for those who have stayed in a foreign country for a period of less than five (5) years and have not availed for this privilege within six (6) months prior to the Returning Resident's or OFW's arrival. In addition to the privilege stated above, Returning OFWs are allowed to bring in, tax and duty-free, home appliances and other durables limited to one (1) of a kind, the total amount of which shall NOT exceed P150,000.00. Any amount in excess shall be subject to corresponding duties and taxes. E. Goods/Items EXCLUDED from these privileges: 1. Luxury items, unless covered by a pre – departure Certificate of Identification; 2. Vehicles; 3. Watercrafts; 4. Aircrafts; 5. Animals; 6. Donations; 7. Goods intended for barter, sale or hire; 8. Goods in commercial quantity; 9. Regulated goods in excess of the limits allowed by regulations; and 10. Prohibited and restricted goods. See original post here: Add caption Source: https://www.facebook.com/notes/bureau-of-customs-ph/boc-issues-rules-on-tax-andor-duty-free-importation-of-returning-residents-ofws/1863848377196270 RECOMMENDED: PRESIDENT DUTERTE VISITS ADMIRAL TRIBUTS DTI ACCREDITED CARGO FORWARDERS FOR 2017 NO MORE PHYSICAL INSPECTION FOR BALIKBAYAN BOXES BOC DELISTED CARGO FORWARDERS AND BROKERS BALIKBAYAN BOXES SHOULD BE PROTECTED DOLE ENCOURAGES OFW TEACHERS TO TEACH IN THE PHILIPPINES ©2017 THOUGHTSKOTO

The Bureau of Customs has issued Customs Administrative Order (CAO) No. 06-2016, which covers the provisions of Republic Act No. 10863 (or the Customs Modernization and Tariff Act) on conditionally tax and/or duty–exempt importation of personal and household effects of “Returning Residents" and Returning Overseas Filipino Workers (OFWs). The said CAO was published in the Official Gazette on 9 January and will take effect 15 days days after its publication, or on 24 January. Below is a summary of the guidelines provided in the Customs Administrative Order: A. Who can avail of this privilege? 1. "Returning Resident" – a Filipino national, including his/her spouse and dependent children, who has stayed abroad for a period of at least 6 months and is returning to the Philippines. 2. Returning Overseas Filipino Worker (OFW) – holder of a valid passport 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. This covers all Filipinos working in a foreign country under employment contracts, regardless of their professions, skills or employment status. To avail of this privilege, the personal and household goods must accompany the Returning Residents or Returning OFWs upon their return from abroad or must arrive within a reasonable time, which shall not exceed sixty (60) days after the owner’s return. B. What are the beneficiaries allowed to bring in? 1. “Personal and Household Effects”, such as wearing apparel, personal adornments, electronic gadgets, toiletries, or similar items; furniture, dishes, linens, libraries, and similar household furnishing for personal use; and instruments related to one’s profession and analogous personal or household effects whether new or used, that are for personal use or consumption and not for commercial purposes, not intended for barter, sale or hire; 2. “Durables” such as household appliances, machinery, or sports equipment that may be used repeatedly or continuously over a period of a year or more, assuming a normal or average rate of physical usage. Note: Household appliances, jewelry, precious stones, and other goods of luxury that were previously exported from the Philippines are also exempt from the payment of duties and taxes if these are covered by a Certificate of Identification (CI) that was issued by an authorized Customs Officer before these goods were brought out or exported from the Philippines. Excisable items such as, but not limited to, distilled spirits, wines, cigars and cigarettes, perfumes, toilet waters, in excess of the allowable quantity to be prescribed by the Bureau shall be subject to payment of duties, taxes and other charges. C. How to avail of this privilege? For efficient cargo clearance, Returning Residents and Returning OFWs or their authorized representative must comply with the following: 1. Sign and submit in advance to BOC a “Personal and Household Effect Declaration Form,” which will be issued by the Bureau in a separate order; In case of accompanied baggage, submit the accomplished form upon arrival to a Customs Officer; 2. Secure a Duty and Tax Free Exemption Certificate (TEC) from the Revenue Office of the Department of Finance (DOF). D. Amount of Exemption: Exemption from payment of duties and taxes on personal and household effects of “Returning Residents” and Returning OFWs must not exceed the following values: 1. P350,000.00 for those who have stayed in a foreign country for at least ten (10) years and have not availed of this privilege within ten (10) years prior to the Returning Resident's or OFW's arrival; 2. P250,000.00 for those who have stayed in a foreign country for a period of at least five (5) years but not more than ten (10) years and have not availed of this privilege within five (5) years prior to the Returning Residents of OFW's arrival; or 3. P150,000.00 for those who have stayed in a foreign country for a period of less than five (5) years and have not availed for this privilege within six (6) months prior to the Returning Resident's or OFW's arrival. In addition to the privilege stated above, Returning OFWs are allowed to bring in, tax and duty-free, home appliances and other durables limited to one (1) of a kind, the total amount of which shall NOT exceed P150,000.00. Any amount in excess shall be subject to corresponding duties and taxes. E. Goods/Items EXCLUDED from these privileges: 1. Luxury items, unless covered by a pre – departure Certificate of Identification; 2. Vehicles; 3. Watercrafts; 4. Aircrafts; 5. Animals; 6. Donations; 7. Goods intended for barter, sale or hire; 8. Goods in commercial quantity; 9. Regulated goods in excess of the limits allowed by regulations; and 10. Prohibited and restricted goods. See original post here: Add caption Source: https://www.facebook.com/notes/bureau-of-customs-ph/boc-issues-rules-on-tax-andor-duty-free-importation-of-returning-residents-ofws/1863848377196270 RECOMMENDED: PRESIDENT DUTERTE VISITS ADMIRAL TRIBUTS DTI ACCREDITED CARGO FORWARDERS FOR 2017 NO MORE PHYSICAL INSPECTION FOR BALIKBAYAN BOXES BOC DELISTED CARGO FORWARDERS AND BROKERS BALIKBAYAN BOXES SHOULD BE PROTECTED DOLE ENCOURAGES OFW TEACHERS TO TEACH IN THE PHILIPPINES ©2017 THOUGHTSKOTO

The Bureau of Customs has issued Customs Administrative Order (CAO) No. 06-2016, which covers the provisions of Republic Act No. 10863 (or the Customs Modernization and Tariff Act) on conditionally tax and/or duty–exempt importation of personal and household effects of “Returning Residents" and Returning Overseas Filipino Workers (OFWs). The said CAO was published in the Official Gazette on 9 January and will take effect 15 days days after its publication, or on 24 January. Below is a summary of the guidelines provided in the Customs Administrative Order: A. Who can avail of this privilege? 1. "Returning Resident" – a Filipino national, including his/her spouse and dependent children, who has stayed abroad for a period of at least 6 months and is returning to the Philippines. 2. Returning Overseas Filipino Worker (OFW) – holder of a valid passport 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. This covers all Filipinos working in a foreign country under employment contracts, regardless of their professions, skills or employment status. To avail of this privilege, the personal and household goods must accompany the Returning Residents or Returning OFWs upon their return from abroad or must arrive within a reasonable time, which shall not exceed sixty (60) days after the owner’s return. B. What are the beneficiaries allowed to bring in? 1. “Personal and Household Effects”, such as wearing apparel, personal adornments, electronic gadgets, toiletries, or similar items; furniture, dishes, linens, libraries, and similar household furnishing for personal use; and instruments related to one’s profession and analogous personal or household effects whether new or used, that are for personal use or consumption and not for commercial purposes, not intended for barter, sale or hire; 2. “Durables” such as household appliances, machinery, or sports equipment that may be used repeatedly or continuously over a period of a year or more, assuming a normal or average rate of physical usage. Note: Household appliances, jewelry, precious stones, and other goods of luxury that were previously exported from the Philippines are also exempt from the payment of duties and taxes if these are covered by a Certificate of Identification (CI) that was issued by an authorized Customs Officer before these goods were brought out or exported from the Philippines. Excisable items such as, but not limited to, distilled spirits, wines, cigars and cigarettes, perfumes, toilet waters, in excess of the allowable quantity to be prescribed by the Bureau shall be subject to payment of duties, taxes and other charges. C. How to avail of this privilege? For efficient cargo clearance, Returning Residents and Returning OFWs or their authorized representative must comply with the following: 1. Sign and submit in advance to BOC a “Personal and Household Effect Declaration Form,” which will be issued by the Bureau in a separate order; In case of accompanied baggage, submit the accomplished form upon arrival to a Customs Officer; 2. Secure a Duty and Tax Free Exemption Certificate (TEC) from the Revenue Office of the Department of Finance (DOF). D. Amount of Exemption: Exemption from payment of duties and taxes on personal and household effects of “Returning Residents” and Returning OFWs must not exceed the following values: 1. P350,000.00 for those who have stayed in a foreign country for at least ten (10) years and have not availed of this privilege within ten (10) years prior to the Returning Resident's or OFW's arrival; 2. P250,000.00 for those who have stayed in a foreign country for a period of at least five (5) years but not more than ten (10) years and have not availed of this privilege within five (5) years prior to the Returning Residents of OFW's arrival; or 3. P150,000.00 for those who have stayed in a foreign country for a period of less than five (5) years and have not availed for this privilege within six (6) months prior to the Returning Resident's or OFW's arrival. In addition to the privilege stated above, Returning OFWs are allowed to bring in, tax and duty-free, home appliances and other durables limited to one (1) of a kind, the total amount of which shall NOT exceed P150,000.00. Any amount in excess shall be subject to corresponding duties and taxes. E. Goods/Items EXCLUDED from these privileges: 1. Luxury items, unless covered by a pre – departure Certificate of Identification; 2. Vehicles; 3. Watercrafts; 4. Aircrafts; 5. Animals; 6. Donations; 7. Goods intended for barter, sale or hire; 8. Goods in commercial quantity; 9. Regulated goods in excess of the limits allowed by regulations; and 10. Prohibited and restricted goods. See original post here: Add caption Source: https://www.facebook.com/notes/bureau-of-customs-ph/boc-issues-rules-on-tax-andor-duty-free-importation-of-returning-residents-ofws/1863848377196270 RECOMMENDED: PRESIDENT DUTERTE VISITS ADMIRAL TRIBUTS DTI ACCREDITED CARGO FORWARDERS FOR 2017 NO MORE PHYSICAL INSPECTION FOR BALIKBAYAN BOXES BOC DELISTED CARGO FORWARDERS AND BROKERS BALIKBAYAN BOXES SHOULD BE PROTECTED DOLE ENCOURAGES OFW TEACHERS TO TEACH IN THE PHILIPPINES ©2017 THOUGHTSKOTO

The Bureau of Customs has issued Customs Administrative Order (CAO) No. 06-2016, which covers the provisions of Republic Act No. 10863 (or the Customs Modernization and Tariff Act) on conditionally tax and/or duty–exempt importation of personal and household effects of “Returning Residents" and Returning Overseas Filipino Workers (OFWs). The said CAO was published in the Official Gazette on 9 January and will take effect 15 days days after its publication, or on 24 January. Below is a summary of the guidelines provided in the Customs Administrative Order: A. Who can avail of this privilege? 1. "Returning Resident" – a Filipino national, including his/her spouse and dependent children, who has stayed abroad for a period of at least 6 months and is returning to the Philippines. 2. Returning Overseas Filipino Worker (OFW) – holder of a valid passport 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. This covers all Filipinos working in a foreign country under employment contracts, regardless of their professions, skills or employment status. To avail of this privilege, the personal and household goods must accompany the Returning Residents or Returning OFWs upon their return from abroad or must arrive within a reasonable time, which shall not exceed sixty (60) days after the owner’s return. B. What are the beneficiaries allowed to bring in? 1. “Personal and Household Effects”, such as wearing apparel, personal adornments, electronic gadgets, toiletries, or similar items; furniture, dishes, linens, libraries, and similar household furnishing for personal use; and instruments related to one’s profession and analogous personal or household effects whether new or used, that are for personal use or consumption and not for commercial purposes, not intended for barter, sale or hire; 2. “Durables” such as household appliances, machinery, or sports equipment that may be used repeatedly or continuously over a period of a year or more, assuming a normal or average rate of physical usage. Note: Household appliances, jewelry, precious stones, and other goods of luxury that were previously exported from the Philippines are also exempt from the payment of duties and taxes if these are covered by a Certificate of Identification (CI) that was issued by an authorized Customs Officer before these goods were brought out or exported from the Philippines. Excisable items such as, but not limited to, distilled spirits, wines, cigars and cigarettes, perfumes, toilet waters, in excess of the allowable quantity to be prescribed by the Bureau shall be subject to payment of duties, taxes and other charges. C. How to avail of this privilege? For efficient cargo clearance, Returning Residents and Returning OFWs or their authorized representative must comply with the following: 1. Sign and submit in advance to BOC a “Personal and Household Effect Declaration Form,” which will be issued by the Bureau in a separate order; In case of accompanied baggage, submit the accomplished form upon arrival to a Customs Officer; 2. Secure a Duty and Tax Free Exemption Certificate (TEC) from the Revenue Office of the Department of Finance (DOF). D. Amount of Exemption: Exemption from payment of duties and taxes on personal and household effects of “Returning Residents” and Returning OFWs must not exceed the following values: 1. P350,000.00 for those who have stayed in a foreign country for at least ten (10) years and have not availed of this privilege within ten (10) years prior to the Returning Resident's or OFW's arrival; 2. P250,000.00 for those who have stayed in a foreign country for a period of at least five (5) years but not more than ten (10) years and have not availed of this privilege within five (5) years prior to the Returning Residents of OFW's arrival; or 3. P150,000.00 for those who have stayed in a foreign country for a period of less than five (5) years and have not availed for this privilege within six (6) months prior to the Returning Resident's or OFW's arrival. In addition to the privilege stated above, Returning OFWs are allowed to bring in, tax and duty-free, home appliances and other durables limited to one (1) of a kind, the total amount of which shall NOT exceed P150,000.00. Any amount in excess shall be subject to corresponding duties and taxes. E. Goods/Items EXCLUDED from these privileges: 1. Luxury items, unless covered by a pre – departure Certificate of Identification; 2. Vehicles; 3. Watercrafts; 4. Aircrafts; 5. Animals; 6. Donations; 7. Goods intended for barter, sale or hire; 8. Goods in commercial quantity; 9. Regulated goods in excess of the limits allowed by regulations; and 10. Prohibited and restricted goods. See original post here: Add caption Source: https://www.facebook.com/notes/bureau-of-customs-ph/boc-issues-rules-on-tax-andor-duty-free-importation-of-returning-residents-ofws/1863848377196270 RECOMMENDED: PRESIDENT DUTERTE VISITS ADMIRAL TRIBUTS DTI ACCREDITED CARGO FORWARDERS FOR 2017 NO MORE PHYSICAL INSPECTION FOR BALIKBAYAN BOXES BOC DELISTED CARGO FORWARDERS AND BROKERS BALIKBAYAN BOXES SHOULD BE PROTECTED DOLE ENCOURAGES OFW TEACHERS TO TEACH IN THE PHILIPPINES ©2017 THOUGHTSKOTO



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