Philippines Customs Issues Guidance for Duty Refunds
The Philippines customs authority recently issued new guidelines for refunds of duties and taxes and the issuance of tax credits for traders who have paid an excess of customs duties, the Hong Kong Trade Development Council reported Oct. 19. Traders…
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must file refund claims within one year of the payment date for the duties, with claims to be paid within 60 days of document submission. The customs authority will not process refund claims for “purely internal revenue taxes,” including value-added taxes and excise taxes, which must be filed with the Philippines’ Bureau of Internal Revenue, the report said.