EconomyForex

Tax exemption for balikbayan boxes sought

1 Mins read
BOC.GOV.PH

A LAWMAKER filed a bill seeking to exempt overseas Filipino workers (OFWs) from paying taxes for packages sent to the Philippines, with limitations set at one per month and a specific balikbayan box size.     

Cagayan De Oro Rep. Rufus B. Rodriguez filed on Monday House Bill No. 6752, which provides tax-free privilege for a box measuring 24”x24”x30” sent to the family.   

The exemption includes all duties and taxes imposed under the National Internal Revenue Code of 1997 and the Tariff and Customs Code of the Philippines.  

“These balikbayan boxes serve as the enduring testament of their sacrifice and hard work in order to secure a better future for their families back home. They represent their love and care for their families, who have to endure months or even years of separation from each other,” Mr. Rodriguez said in a statement.  

The bill also disallows the Bureau of Customs (BoC) from forcefully opening the balikbayan boxes. It can only be inspected through an x-ray or through sniffer dogs.  

Balikbayan boxes can only be opened when the consignor’s export declaration and packing list are not attached to the package or if the BoC receives information that the items in the package are banned, prohibited, or regulated under existing laws. 

The bill also proposes to expand the definition of a balikbayan’s family in Republic Act No. 6768 or the Balikbayan Program.   

Under the measures, a balikbayan’s family will include not just spouse and children but also parents, grandparents, brothers and sisters, and relatives within the 4th degree of relationship living in the Philippines.  

The bill is pending at the House committee on overseas workers affairs. — Beatriz Marie D. Cruz

Related posts
EconomyForex

Samsung Care+ Premium is the perfect addition to make household investments last

3 Mins read
Samsung ensures your TVs and appliances stay at their best with extended protection and proactive, expert care As premium devices become essentials…
EconomyForex

Cash remittances hit 7-month high at $3.18 billion in July

2 Mins read
PHILIPPINE STAR/ MIGUEL DE GUZMAN By Katherine K. Chan FILIPINOS ABROAD sent more money home in July, hitting a seven-month high as…
EconomyForex

Peso to rise as Fed woes drag dollar

4 Mins read
BW FILE PHOTO THE PHILIPPINE PESO is expected to end the year stronger against the US dollar as the greenback remains under…
Power your team with InHype
[mc4wp_form id="17"]

Add some text to explain benefits of subscripton on your services.

Leave a Reply

Your email address will not be published. Required fields are marked *