09-21

Good news to Balikbayans, OFWs, and tourists!

The Bureau of Customs (BOC) is set to implement higher tax exemptions for Balikbayan boxes brought in by Pinoys and tourists, starting December 2016.  As a matter of fact, as early as October 2016, the BOC will no longer impose taxes on hand-carried pasalubong items not exceeding Php 10,000 in total value.  This includes goods bought at outlet stores abroad.

The new policy on the tax exemptions is regulated by the following policies, depending on how long the Balikbayan has stayed abroad:

Years Stayed Abroad

Tax Exemption on Balikbayan Box

6 months to less than 5 years Up to Php 150,000 worth of goods are tax exempted.
5 years to less than 10 years Up to Php 250,000 worth of goods are tax exempted.
10 years and up Up to Php 350,000 worth of goods are tax exempted.
Overseas Filipino Workers Up to Php 150,000 worth of goods are tax exempted.
Tourists Up to Php 150,000 worth of goods are tax exempted, limited to three times a year.

The BOC stressed that boxes must not contain too many items of the same kind as this will be taken to mean that the goods will be sold and are not gifts to families and friends.  This is a warning to everyone not to abuse the tax exemptions on Balikbayan boxes that the government will be implementing soon.

This is indeed going to be one merry homecoming for all our kababayans who will be coming home for Christmas!

Share this to your families and friends!

Source: http://news.abs-cbn.com/video/overseas/09/19/16/mga-balikbayan-box-tatanggalan-na-ng-buwis-pero

ad