Connect with us

Hi, what are you looking for?

Economy

BoC lists acceptable security for duty, tax payments

THE Bureau of Customs (BoC) listed the types of security it will accept to ensure eventual payment of duties and taxes, including cash bonds, surety bonds, standby or irrevocable letters of credit and written commitments.

The list of acceptable security was contained in Customs Administrative Order (CAO) No. 01-2021 issued Tuesday. The CAO implements provisions of Republic Act No. 10863 or the Customs Modernization and Tariff Act.

The CAO also allows district collectors to accept a one-time general security in case transactions require “numerous” separate special securities. The authorization was billed as a streamlining of the process of offering security.

The acceptance of security ensures that the government’s interests “are amply protected.” The CAO outlines the procedures for accounting for secured transactions and creates an electronic security management and control system.

Cash bonds are to be deposited immediately to a Trust Fund account managed by the BoC. Only authorized agent banks are allowed to issue standby or irrevocable letters of credit.

Enforcement actions to ensure payment include the filing of collection cases, the forfeiture of bonds, or the suspension or cancelation of a surety company’s accreditation. — Beatrice M. Laforga

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.
Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

Latest

Economy

OUTSTANDING external debt at the end of June was at its highest level since at least 2011, according to the Bangko Sentral ng Pilipinas...

Economy

By Russell Louis C. Ku TRANSPORTATION BUDGETS need to provide for service contracting in order to offer relief for public utility vehicle (PUV) drivers,...

Economy

EXPORTERS have been advised to expect new UK tariffs with the launch of a separate British preferential trade access scheme after it exited the...

Economy

LABOR Secretary Silvestre H. Bello III said seafarers need to be better protected and proposed amendments to the 15-year-old maritime convention of the International...

Economy

The pandemic has accelerated new ways of working across various industries, including the auditing profession. However, new ways of operating for audit firms and...

Economy

SENIOR citizens get inoculated with their first dose of the Sinovac vaccine at the Marikina Sports Complex. — PHILIPPINE STAR/ MICHAEL VARCAS THE PHILIPPINES...

You May Also Like

Investing

Having a good Instagram marketing agency to back up your Instagram account is an absolute must going into the new year. With competition stronger...

Economy

Ivermectin, an existing drug against parasites including head lice, has had a checkered history when it comes to treating COVID-19. The bulk of studies...

Investing

As a traditionally rigid insurance industry becomes bogged down by antiquated processes and operations, a handful of industry leaders are seeking to shake things...

Economy

US President Joseph R. Biden, Jr., will rely on ally countries to supply the bulk of the metals needed to build electric vehicles and focus on...

Disclaimer: SmartRetirementReport.com, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2021 SmartRetirementReport. All Rights Reserved.

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.



Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!