Senator Sonny Angara has sought quick implementation of the new law that imposes a higher tax exemption ceiling on the Customs Modernization and Tariff Act (CMTA) signed into law last May.
Known as the Balikbayan box law, it states that balikbayan boxes sent by Filipino workers or residents abroad not exceeding P150,000 in value are exempted from taxes and duties.
As Christmas approaches, Angara urged the Bureau of Customs (BOC) to fast-track the Customs Administrative Order (CAO) for balikbayan boxes that contain goods or items that are not of commercial quantity nor intended for barter, sale, or hire.
The BOC already conducted a public consultation on rules for balikbayan boxes last November 3. The draft CAO for balikbayan boxes is posted on the BOC’s CMTA microsite.
Meanwhile, aside from tax and duty free balikbayan boxes, the CMTA law also reportedly grants Filipinos returning to the Philippines with a special tax exemption.
Those who have stayed in a foreign country for at least 10 years and are returning to the Philippines, will be entitled to a tax exemption for the personal and household effects, not exceeding PhP350,000.