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The Bicameral Conference Committee has approved the reconciled version of House Bill No. 4157 and Senate Bill 1357 of the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act on 01 February 2021. Both Houses had respectively settled the disagreeing provisions of the act. The ratified final version is now ready for the signature of President Rodrigo Roa Duterte.
Continue reading “Bicameral Committee passes the CREATE Act”The Bureau of Customs (BOC) accords the five years validity period of the Product Evaluation Report (PER) of exports conforming with the ASEAN Trade in Goods Agreement (ATIGA) and all the other Free Trade Agreements (FTAs).
This amended policy transpired after the exporters protested the issuance of AOCG Memo No. 67 2021 ‘Evaluation of Goods Applying for Certificate of Origin (CO)’ on 05 February 2021, which shortened the PER validity from five years to three years. BOC released a memorandum on 10 February 2021 in response to the exporter’s clamor to amend the said AOCG memo reverting the five-year validity period instead of three years.
Continue reading “Bureau of Customs accords the five years validity period of the Product Evaluation Report”The Philippine Ports Authority (PPA) has proposed revisions on their current rules on the commencement of the free storage period (FSP) and the start of the calculation of storage charges.
The proposal depicts shorter FSP for import cargoes, outbound-domestic cargoes, and cargoes entering any domestic port.
The existing five (5) day FSP rule for import cargoes starts after the last day that the last item of cargo is discharged from the vessel. While the proposal prescribes that FSP shall immediately commence on the actual day and time the import cargo is discharged from the ship.
Continue reading “Shorter free storage period proposed in PPA’s policy revision”
The Export Development Council (EDC) in its Joint Council and Executive Committee Meeting on 20 January 2021, adjusted the export targets in the Philippine Export Development Plan (PEDP) 2018-2022. The new targets are US$91.7B in 2021 and US$105.3B in 2022.
The adjustments were recommended by the Export Marketing Bureau after a thorough review and simulation considering the world economic situation due to the COVID 19 pandemic, the assumptions of the Development Budget Coordination Committee (DBCC) and the data from the Philippine Statistics Authority (PSA).
Continue reading “EDC sets new export targets amidst pandemic”
The Tourism Infrastructure and Enterprise Zone Authority (TIEZA) promotes the online release of the Travel Tax Exemption Certificate (TEC). This initiative makes it easier for the traveling exporter to get their TEC online.
Once TIEZA approves the online application, exporters can print the TEC at the convenience of their home or office. The following requirements are to be observed by exporters in applying for the online release of TEC:
Continue reading “TIEZA promotes the online release of the Travel Tax Exemption Certificate”
The Bureau of Customs (BOC) upholds the strict implementation of the Online Release System (OLRs) effective on 11 January 2021. It requires the proper format of the registry number when filling out the export Single Administrative Document (SAD) in the Electronic-to-Mobile (E2M) system. Clerical errors due to incorrect registry numbers indicated in the export declaration is subjected to a PHP 5,000.00 fine as stipulated under AOCG Memo 25-2021 ‘Guidelines on the Wrong Encoding of Registry Numbers in the Export Declaration in the E2M System’ in accordance with CAO 1-2020.
All shippers will be directed to observe the Verified Gross Mass (VGM) on all packed containers. The shipper will be responsible for obtaining and documenting the VGM of the packed container cargoes under the Philippine Port Authority (PPA) proposed revised guidelines on the implementation of mandatory weighing of export containers.
The shippers referred to in the revised policy is the “legal entity or person named on the bill of lading or sea waybill or equivalent multimodal transport document (e.g. “through” bill of lading) as shipper and/or who (or in whose name or on whose behalf) a contract of carriage has been concluded with a shipping company”.
Continue reading “Shippers to observe the Verified Gross Mass on all packed containers”
The Senate Bill No. 1357 or the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Bill, formerly known as Corporate Income Tax and Incentives Reform Act (CITIRA) was passed on its third and final reading by the Senate on 26 November 2020 with twenty out of twenty-one (20/21) senators voted in favor, and one (1) opposed.
Continue reading “Senate passes the CREATE bill on final reading”
The first virtual National Export Congress (NEC) 2020 underscores “Digitalization Boost: Invigorating Exports in the New Normal” as its theme this year. The recently concluded event was a success with a broader audience reach nationwide, having participated virtually by over a thousand participants via Zoom, Facebook, and YouTube on 03 December 2020.
Continue reading “First virtual National Export Congress 2020 highlights digitalization to invigorate export”
EDC lauds the pronouncement made by the Bureau of Customs (BOC) AOCG Deputy Commissioner Edward Dy Buco that stakeholders can expect enhanced trade facilitation with the Bureau in 2021. He added that the Commissioner assures its support towards export growth by prioritizing export-related activities in the Bureau’s 10-Point Priority Program for the upcoming year.
Continue reading “BOC mandates onboarding of TRGA’s to TradeNet by March 2021”