CMTA to raise tax exemption on balikbayan boxes – BOC

The Bureau of Customs (BOC) on Tuesday said the Customs Modernization and Tariff Act (CMTA) will speed up the modernization process of the bureau and raise the tax exemption on balikbayan boxes.

The Senate on Monday approved the CMTA on third on final reading.

"We, at the Bureau of Customs, are pleased that the Customs Modernization and Tariff Act is another step closer to becoming a law," the bureau said.

"The bill increases the de minimis value from P10 to P10,000 – a very welcome news to our OFWs (overseas Filipino workers)," the BOC emphasized.

De minimis refers to small items which are usually of minor or lacking importance.

"The ease of trade through streamlined processes is among the major thrusts of CMTA, as well as the use of information communications technology leading to paperless environment and reduced face-to-face transactions in customs operations," the BOC said.

Once the CMTA is passed into law the Tariff and Customs Code of the Philippines will be compliant with the Revised Kyoto Convention, the bureau said. – Jon Viktor Cabuenas/VS, GMA News