The Department of Finance (DOF) said it would need more time to review the newly enacted Customs Modernization and Tariff Act (CMTA) before releasing its Implementing Rules and Regulations (IRR).
Finance Secretary Carlos Dominguez said that the DOF might need one to two months to study the law before writing the IRR.
“The law is around 200 pages. We will still have to review that,” Dominguez told reporters.
“I don’t know the timeframe but certainly we should give it at least one or two months, It is (CMTA) too long,” he added.
CMTA or Republic Act 10863 was passed and signed into law in May by the former president, Benigno Aquino 3rd.
It aims to simplify, modernize, and align the country’s customs procedures with global best practices, by amending the Tariff and Customs Code of the Philippines and its implementationwill increase transparency and simplify procedures in the Bureau of Customs, increase the de minimis value, and raise the tax exemption ceiling for packages sent by balikbayans.
The bill proposed an increase in the tax-exempt value of balikbayan boxes from P10,000 to P150,000 and the de minimis value, or the value of small items that are usually minor or lacking importance, from P10 to P10,000.
Tax-exempt and de minimis values may also change every three years. Donation and relief goods will also be free of duty and tax during times of calamity.