Author Topic: Customs Will Stop Taxing Items Valued At 10K Below  (Read 156 times)

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GreenMoney

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Customs Will Stop Taxing Items Valued At 10K Below
« on: October 14, 2016, 11:34:55 AM »
Customs Will Stop Taxing Items Valued At 10K Below


Sabi sa news portal, the Bureau of Customs have announced that they have raised the minimum dutiable value of items from the ancient amount of Php 10 (which ensured that almost everything that you ordered overseas will be taxed) to a more realistic Php 10,000.

According to a post in the BOC’s website, Customs Administrative Order (CAO) No. 02-2016 signed by current Customs Commissioner Nicanor Faeldon and Finance Secretary Carlos Dominguez III states that “[n]o duties and taxes shall be collected on goods with freight on board (FOB) or free carrier (FCA) value of P10,000.00 or below.”

This means that orders from overseas that do not pass the 10K value will NOT be taxed by customs, and customers will only have to pay the required documentary and handling fees.

Importations of tobacco goods, wines and spirits within the de minimis value shall still be subject to payment of excise tax, as provided by the National Internal Revenue Code (NIRC).

The CAO will take effect on October 24, 15 days after its publication in the Official Gazette. The full text of the CAO can be found here.

Check it here.

Check it here.
« Last Edit: October 14, 2016, 11:37:24 AM by GreenMoney »

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Customs Will Stop Taxing Items Valued At 10K Below
« on: October 14, 2016, 11:34:55 AM »

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