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Manila Forwarder is a full service freight forwarder handling formal entry, tax-exempt shipments.
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Looking for BS Marketing or Tourism Graduates.
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(LAX-MNL-LAX)
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NOVEMBER DEPARTURE - 6 mos. valid |
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ARTICLES |
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Balikbayan Box law to hike tax exemption
by Hannah Torregoza
October 26, 2015
Senate President Pro Tempore Ralph Recto yesterday lauded the inclusion of the Balikbayan Box Law in the consolidated version of the Customs reform bill which he expects to be approved by the Senate before the end of the year.
This law aims to raise to P150,000 the tax-exempt value of “pasalubong” cargo brought in or sent by overseas Filipino workers (OFWs) and is now part of the proposed Customs Modernization and Tariff Act (CMTA), Recto said.
“I am glad that Senator (Juan Edgardo) Angara included it in his report,” Recto said. Angara is head of the Senate committee on ways and means, the primary sponsor of the CMTA bill.
Under the proposed CMTA, the tax-exempt ceiling of “personal and household effects” that a returning resident who has lived abroad for 10 years may ship to the Philippines has also been increased to P350,000.
A section of the proposed CMTA states that “residents of the Philippines, Overseas Filipino Workers (OFWs), other Filipinos while residing abroad or upon their return to the Philippines shall be allowed to bring in or send to their families or relatives in the Philippines balikbayan boxes which shall be exempt from duties and taxes.”
The “total dutiable value” of the boxes shall not exceed P150,000 and the privilege can only be enjoyed “up to three times in a calendar year,” according to Recto.
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ACCREDITATIONS |
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US Federal Maritime Commission NVOCC/ Freight Forwarder
US Transportation Security Administration IAC
Philippine Shipper's Bureau Accreditation, Filed.
Pilipino American Shippers Association
Association of Filipino Travel Agents
National Association of Independent Travel Agencies |
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