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The Bureau of Customs (abbreviated BoC or BOC; Filipino: Kawanihan ng Adwana) is a Filipino government agency that is responsible for the collecting of customs duties, excise duties, and other indirect taxes in the Philippines. It is part of the Philippines Department of Finance.
However, if their gross sales (or gross receipts plus other non-operating income) does not exceed the VAT threshold, they have the option to be taxed either on the basis of the income tax schedule for individuals and the applicable percentage taxes, or just with a flat tax rate of 8% on their gross sales (or gross receipts plus other non ...
To strictly enforce the payment of taxes and to further discourage tax evasion, RA No. 233 or the Rewards Law was passed on June 19, 1959 whereby informers were rewarded the 25% equivalent of the revenue collected from the tax evader. In 1964, the Philippines was re-divided anew into 15 regions and 72 inspection districts.
Map of the world showing national-level sales tax / VAT rates as of October 2019. A comparison of tax rates by countries is difficult and somewhat subjective, as tax laws in most countries are extremely complex and the tax burden falls differently on different groups in each country and sub-national unit.
Customs broker is a profession which expertise include tariff and customs laws, rules and regulations for the clearance of imported or exported goods or merchandise from customs authority, preparation of import or export documents including computation and payment of duties, taxes and other charges accruing thereon, representing clients before ...
The amended Section 105 of the Tariff and Customs Code provides duty-free and tax-free privileges to balikbayan boxes sent to the Philippines by overseas Filipino workers (OFWs), as recognition for their labors in foreign lands and bringing additional foreign revenue annually, which contributed to the ongoing national recovery effort. [10]
The term is often used to describe a tax on certain items purchased abroad. [1] A duty is levied on specific commodities, financial transactions, estates, etc. rather than being a direct imposition on individuals or corporations such income or property taxes. Examples include customs duty, excise duty, stamp duty, estate duty, and gift duty.
Section 284 of the Local Government Code of the Philippines (RA 7160) sets up the formula for the distribution of the allotment. All or nearly all of the revenue that a local government has to spend comes from their IRA, though some local governments also have additional local sources of revenue such as property taxes and government fees ...