Tax refund claims may now be given as outright cash — BOC | Inquirer News
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Tax refund claims may now be given as outright cash — BOC

/ 05:41 PM May 07, 2019
Tax refund claims may now be given as outright cash — BOC

Bureau of Customs. INQUIRER file photo / JOAN BONDOC

MANILA, Philippines — The Bureau of Customs (BOC) on Tuesday said those seeking for tax refunds may now be given outright cash instead of tax credit certificates (TCC).

Under the Customs Administrative Order (CAO) 04-2019 titled, “Duty Drawback, Refund and Abatement,” payment of tax credit or refunds may be through TCC or cash, depending on budgetary requirements.

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The BOC said the new provision “eliminates the processing for the issuance of the TCCs and the subsequent processing of the utilization of said TCCs in the payment of duties and taxes.”

“Previously, only VAT refunds duly approved by the Bureau of Internal Revenue are allowed to be paid in cash,” BOC said in a statement.

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According to BOC, the administrative order seeks to provide a streamlined guidelines and codify existing rules and regulations on the processing, approval, and payment of Duty Drawback, Refund, and Abatement.

Aside from the new provision, the BOC said that TCCs are now non-transferrable.

“This new policy ensures that all TCCs to be issued arise only from valid claims of importers who will then use it as payment of duties and taxes for their own importations in the future. This policy, likewise, eliminates the transfers of fraudulent TCCs to third parties, which has plagued the BOC in the past,” BOC added.  /jpv

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TAGS: BOC, Customs, Local news, Philippine news update, Tax, Tax Credit, tax refund
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