Saturday, September 27, 2008

Tax and Duty-Free Importations

Tax and Duty-Free Importations - refers to the bringing of goods from the country of origin through a normal business transaction process wherein the payment of the corresponding duties on the goods involved as well as the value added tax (VAT) for the said transaction, are waived.

What kind of articles included and certain conditions to be met:

Duty-free importations:
Section 105 of Tariff and Customs Code of the Philippines as amended

VAT exemptions:
Section 109 of the National International Revenue Code

Other provisions: (to be updated)
Republic Act No. 8502 - Jewelry Industry Development Aft of 1998
Annex "A" and "B" of the implementing rules and regulations covering raw materials and capital equipment eligible for duty-free and excise tax-free importation by qualified jewelry enterprise.

Executive Order No. 209
Guidelines and procedures for the availment by commercial fishers of the tax and duty exempt importation of fishing vessels, equipment and paraphernalia and tax and duty rebates on fuel consumption provided for under section 35 of RA 8550 otherwise known as the Philippine Fisheries Code of 1998

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