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RA 10863: Customs Modernization and Tariff Act (CMTA)

RA 10863: Customs Modernization and Tariff Act (CMTA)

Raises the tax exemption ceiling of balikbayan boxes from P10,000 to P150,000; aims to simplify, modernize and align with global best practices the country’s customs procedures including import clearances and valuations, making the release of goods much faster; mandates the use of information and communications technology to make it more transparent; reinforces BOC functions as trade facilitator rather than just being a revenue-generating agency, and imposes higher penalties against smuggling

 Signed by PNoy on 05/30/2016

Source: http://www.officialgazette.gov.ph/2016/05/30/republic-act-no-10863/