[Trending Now] Good News: Tax Free Balikabayan Boxes to be Implemented on October!
The Bureau of Customs is going to implement a new regulation on tax implementation for balikbaya...
The Bureau of Customs is going to implement a new regulation on tax implementation for balikbayan boxes starting October 2016 as reported by ABS-CBN News.
The regulation aims to give Filipinos abroad a discount starting this October via tax free balikbayan boxes and pasalubongs. However, there are some limitations when it comes to the prices of items inside the box.
For Filipinos who stayed for 6 months to less than 5 years abroad, P 150, 000 worth of items will be tax free. For those who stayed in abroad for 5 years but less than 10 years, they are allowed to bring P 250, 000 worth of pasalubongs without tax. And for those Filipinos who stayed for 10 years or more in other countries, P350, 000 worth of balikbayan boxes will be tax free.
For OFWs who will bring items inside or outside the country, they can bring worth P 150, 000 tax free. For tourist, the same regulation as OFWs but limited for only 3 times a years.
These rules will be implemented to avoid business related loopholes with the balikbayan boxes.
"Nananawagan ho tayo sa mga negosyante natin at kababayan na huwag ho sanang abusuhin ang balikbayan boxes," Custom Assistant Commissioner Atty. Althea Acas said in an interview.
The new regulation is just waiting to be signed by Customs Commissioner Nicanor Faeldon and Finance Secretary Carlos Dominguez for it to be implemented.