Home » Posts tagged with "VAT"

Posts tagged with "VAT"

PH fuel marking system for implementation in 2019

PH fuel marking system for implementation in 2019

Nov. 26 | The Philippine government will finally implement next year its fuel marking system to curb oil smuggling and plug revenue losses from illegal importation and misdeclaration of fuel. The Bureau of Customs and Bureau of Internal Revenue have recently created...

Import 101: Frequently Asked Questions

Import 101: Frequently Asked Questions

Apr. 10 | In recent years e-commerce has grown exponentially, with many offshore purchases now done through online sites. Unfortunately, first-time importers have encountered difficulties when clearing their shipments through customs, resulting in delays and additional...

BOC intel group may pore over export declarations with tax refunds

BOC intel group may pore over export declarations with tax refunds

Jan. 7 | The Bureau of Customs (BOC) has authorized its Customs Intelligence and Investigation Service (CIIS) to have access to export information to “maximize the anti-smuggling campaign” of the agency. Customs commissioner Alberto Lina signed on Dec 22,...

BOC allows cashing in of VAT tax refund credits

BOC allows cashing in of VAT tax refund credits

Dec. 23 | Philippine firms may now monetize the outstanding value-added tax (VAT) tax credit certificates (TCCs) they earned from the Bureau of Customs (BOC). In a statement, the customs agency gave the go-signal, under Customs Memorandum Order 43-2015, to open...

Customs Miscalculation of Duties and Taxes

Customs Miscalculation of Duties and Taxes

Jun. 16 | SINCE last year, the Bureau of Customs (BOC) has been issuing new rules on the computation of duties and taxes. Rather than clarifying the basis of duty and Value Added Tax (VAT), the issuances seem to have resulted in confusion among the trading sector...
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