All goods coming into the Philippines are subject to the assessment of import duties, taxes and a value-added tax based upon an article’s fair market value, freight cost and insurance. Import Duties The rate of import duty varies depending on the commodity, ranging from 3% and up. The schedule of rates is listed under Section 104, Tariff and Customs Code of the Philippines (TCCP), as amended. Advance Payment of Duties, Taxes and VAT In order to clear a shipment from Philippine Customs, it will be necessary for Forex to advance the payment of duties, taxes and VAT on behalf of the shipper and/or recipient.
SAN MATEO, California – While the proposed inspection of balikbayan boxes entering the Philippines has been shelved as a result of global protests from OFWs, increased tariff charges on cargo container shipments have stirred less controversy. While the Philippine Bureau of Customs clarified that individual balikbayan boxes won’t be taxed, it’s not clear if increased […]
MANILA, Philippines – President Benigno Aquino III on Monday stopped the embattled Bureau of Customs (BOC) from conducting random physical inspections of balikbayan boxes. Aquino made the orders following his meeting this afternoon with Finance Secretary Cesar Purisima and Customs Commissioner Albert Lina, the BOC said in a statement sent to Palace reporters on Monday […]