PHILIPPINE STAR

The Customs Workplace (BdC) has listed the varieties of ensures it’ll settle for to make sure the eventual fee of duties and taxes, together with money bonds, bonds, stand-by or irrevocable letters of credit score and written commitments. .

The checklist of acceptable ensures appeared within the Customs Administrative Decree (CAO) No. 01-2021 printed on Tuesday. The CAO applies the provisions of the Regulation of the Republic No.10863 or the Regulation on Modernization and Customs Tariffs.

The CAO additionally permits district collectors to just accept a single common assure within the occasion that transactions require “many” separate particular titles. The authorization was offered as a streamlining of the safety providing course of.

Acceptance of safety ensures that authorities pursuits “are totally protected.” The CAO describes the accounting procedures for safe transactions and creates an digital safety administration and management system.

Money bonds have to be deposited instantly right into a belief fund account managed by the BoC. Solely licensed agent banks are licensed to situation standby or irrevocable letters of credit score.

Enforcement measures to safe fee embody submitting assortment information, forfeiting bonds, or suspending or revoking a surety firm license. – Beatrice M. Laforga



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