[Trending Now] Balikbayan OFWs Can Now Ship P350,000 Tax Free Worth Of Personal Belongings! Great News!

The senate provides great news for balikbayan OFWs as they announced the approval of Balikbayan Box Provision. 

The new law authored by Senator Ralph Recto allows Filipino workers abroad to bring home up to P350,000 worth of personal belongings tax-free.

The law notes that as long as OFWs do not exceed the approved cost, their personal belongings will be shipped in a 20-footer van free of charges.

"Jewelry, precious stones, and other goods of luxury, personal and household effects including wearing apparel, goods of personal adornment except luxury items, toilet goods, instruments related to one's profession and analogous personal or household effects, excluding vehicles, watercraft and animals," says Senator Recto.

Futhermore, he clarified that the denomination of items vary in accordance to whether it is brand new or not.

"The bicam can still raise the amount. Of course, if these are used items, of course assessed values would be lower," he added.

Although the "P350,000 tax exemption privilege" is exclusive to OFWs who have been working abroad for 10 years and above. Fortunately for those working with a minimum of 5 years, they get a privilege for P250,000 shipment value.

Source: TNP , Classifiedtrends