- The Bureau of Customs (BOC) has issued procedures for implementing VAT exemption on imports for export-oriented enterprises (EOEs).
- EOEs must secure a certification from the Department of Trade and Industry-Export Marketing Bureau (DTI-EMB) to avail of the VAT zero-rating or exemption.
- The DTI-EMB certification is required for EOEs with at least 70% export sales of total annual production, as mandated by the CREATE MORE Act.
- BOC will verify the authenticity of the DTI-EMB certification and ensure imported goods align with the EOE’s export activities.
- A new procedural code (061) has been added to the BOC system for qualified VAT-exempt importations.
Source: portcalls.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
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