Padala pa more! Angara seeks balikbayan box tax perks of up to P150k
Senator Sonny Angara has urged the Senate to approve the bill seeking to raise the tax-exempt value of balikbayan boxes from P10,000 to P150,000
The proposed Customs Modernization and Tariff Act (CMTA) also seeks to increase the de minimis value, which is the minimum cost of goods required to undergo Customs inspection, from P10 to P10,000, and to adjust the values for inflation every three years.
“Ang halagang nararapat exempted sa buwis para sa ating returning residents o OFWs ay hindi na po makatarungan,” Angara said in his sponsorship speech Monday.
“Dahil hindi pa nababago ang halagang ito, hindi na nasusunod ang polisiya at bukas tuloy ang pagkakataon para ito’y pagsamantalahan,” he pointed out.
The CMTA seeks to simplify, modernize and align the country’s customs procedures with global best practices.
“Hindi man madali ang pagmomodernisa sa Customs, nararapat lang na tahakin ito. Sampung taon nang dinidebate ang panukala at bawat oras na pinapalipas, umiiral ang isang antigo’t diumanong baluktot na sistema. Oras na para ituwid ito. Ipasa na po natin ang CMTA,” Angara said.
The bill mandates the use of information and communications technology and other appropriate applications that speed up the inner-workings of Customs, but also make it more transparent.
“We aim to ingrain transparency and accountability into the BOC. For instance, District Officers and front-liner employees will be prevented from holding the same position in the same district for more than three years. Higher penalties and punishments will also be prescribed as a further deterrent to smuggling,” the lawmaker explained.
The measure also clearly defines the exercise of customs police authority, customs jurisdiction and customs control by specifying the functions of BOC when it come to post entry audit and clarify the bureau’s relations with the country’s free zones.