Filipinos bringing gifts or items bought from overseas that do not exceed 10,000 pesos in value will not be asked to pay customs duties, starting in October according to reports on Monday.
The Bureau of Customs is also targeting to implement a new rule scrapping taxes on balikbayan boxes beginning in December.
Filipinos who have lived outside the Philippines for 6 months but not more than 5 years can bring home a balikbayan box of items worth a total of P150,000 without paying taxes, this is according to the BOC proposal.
Customs tax will also be waived for Filipinos who have resided outside the country for 5 years but not more than 10 years and who are bringing home a balikbayan box of items worth a total of not more than P250,000.
Filipinos who have lived outside the Philippines for more than 10 years, provided that the total value of the items do not exceed P350,000.
OFW and tourists can bring balikbayan boxes tax free thrice in one year provided that the total value of the items do not exceed DH150,000 per box.
The BOC proposal awaits signatures from Customs Commisioner Nicanor Faeldon and Finance Secretary Carlos Dominguez to be implemented.
Source: ABS-CBN
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