October 26, 2016

Now Tax-free for packages P10, 000 and below

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  • Now Tax-free for packages P10, 000 and below

    • In a report published by Inquirer.net, the Bureau of Customs implemented a new regulation that items worth P10, 000 and below are no longer taxable since October 25, 2016.

    phpost

    Image grabbed from philpost7.com

    Last September 28, 2016, Customs Commissioner Nicanor Faeldon signed the Administrative Order (CAO) 02-2016 re: Imported Goods with De Minimis Value not Subject to Duties and Taxes. It was approved by Finance Secretary Carlos Dominquez III.

    Under the CAO, De minimis or goods for which no duty or tax is collected are entitled to immediate release. Also, in a report by news.abscbn.com, imported packages worth P 10, 000 and below sent through the Philippine Postal Corporation (PHLPost) are also free of duties and tax.
    The regulation aims “to minimize importation and customs administration costs in the clearance of importations with De Minimis Value, without compromising customs border enforcement control.” Also, “to be responsive to the growing trade liberalization and facilitation thrust in consonance with the different applicable international agreements.”

     

    Source: gov.ph, Inquirer.net, news.abscbn.com

    　　　　　　　　　　　
    　　　　　　　　　　　
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