No More Duties and Taxes For Items With Values 10000 PHP and Below
Hobbyists, Amazon shoppers, Balikbayans, rejoice! The Bureau of Customs just updated the value of non dutiable items at 10, 000 PHP and below as an administrative order. It has been already signed, approved, and will be implemented this October 25th 2016. You can read more about it HERE.
On 28 September, CAO No. 02-2016 (RE: IMPORTED GOODS WITH DE MINIMIS VALUE NOT SUBJECT TO DUTIES AND TAXES) was signed by Customs Commissioner Nicanor Faeldon and approved by Finance Secretary Carlos Dominguez III. It implements Section 423 of the CMTA, which provides 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.”
It is as it is read. No duties and taxes shall be collected, or imposed on imported goods. These so called goods with values amounting equal to, or less than 10, 000 PHP are subjected to be exempted and are entitled to be released as soon as possible. This is a huge update to the notoriously old Tariff and Customs Code of the Philippines whereas items with 10 PHP value and below are only exempted.
Now for us folks that shops, and receives items from abroad on a monthly basis, this is really a good news. There’s practically no reason to devalue your items (ehem), and with it we highly suggest that you should input the necessary value of your items from now on. What’s not to like?BACK2GAMING