The Senate has approved on third and final reading a bill that would modernize the Bureau of Customs (BoC), as well as raise the tax exemption value of balikbayan boxes from PHP10,000 to PHP150,000.
“Senate Bill No. 2968 known as the Customs Modernization and Tariff Act (CMTA) was approved by the chamber on Monday, January 18,” reports Maila Ager on Inquirer.
Senator Sonny Angara, chairman of the Senate committee on ways and means and sponsor of the bill, explained that the measure aims to amend the Tariff and Customs Code of the Philippines (TCCP) in compliance with the Revised Kyoto Convention (RKC) which is a blueprint for “modern and efficient customs procedures” of the World Customs Organization.
