Amending Section 201 Of The Tariff And Customs Code Of The Philippines, Changing The Base For Customs Valuation From Home Consumption Value To Cost, Insurances And Freight (C.I.F.) And For Other Purposes
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Amending Section 201 Of The Tariff And Customs Code Of The Philippines, Changing The Base For Customs Valuation From Home Consumption Value To Cost, Insurances And Freight (C.I.F.) And For Other Purposes
Executive Order No. 71
November 25, 1986
Case Overview and Summary
EXECUTIVE ORDER NO. 71Amending Section 201 of the Tariff and Customs Code of the Philippines
• Changes the basis for customs valuation from Home Consumption Value to Cost, Insurance and Freight (C.I.F.) (Sec. 1)
• Defines the dutiable value of an imported article subject to an ad valorem rate of duty as:
- The transaction value or price of the same, like or similar articles, as bought and sold or offered for sale freely in the usual wholesale quantities in the ordinary course of trade in the principal markets of the exporting country on the date of exportation to the Philippines (excluding internal excise taxes to be remitted or rebated), including the value of all containers, coverings and/or packings, and all other expenses, costs and charges incident to placing the article in a condition ready for shipment to the Philippines, and freight as well as insurance premium covering the transportation of such article to the port of entry in the Philippines. (Sec. 1)
- The transaction value shall be the trade value or price declared in the commercial, trade or sales invoice. (Sec. 1)
- If there is a reasonable doubt as to the value or price declared in the entry, the correct dutiable value shall be ascertained by the Commissioner of Customs from reports of Revenue Attache or Commercial Attache (Foreign Trade Promotion Attache), or other Philippine diplomatic officers and from other information available to the Bureau of Customs. (Sec. 1)
- If the dutiable value cannot be ascertained due to failure of the importer to produce documents, or if there is a reasonable doubt as to the dutiable value declared in the entry, it shall be the domestic wholesale selling price of such similar article in Manila or other principal markets in the Philippines on the date the duty becomes payable, minus:
a) Twenty-five (25) per cent thereof for expenses and profits; and
b) Duties and taxes paid thereon. (Sec. 1)
• Authorizes the Commissioner of Customs, subject to the approval of the Minister of Finance, to promulgate all rules and regulations necessary to enforce the provisions of this Executive Order. (Sec. 2)
• Repeals or modifies all laws, orders, issuances, rules and regulations or parts thereof inconsistent with this Executive Order. (Sec. 3)
• Takes effect immediately. (Sec. 4)
Amends
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Executive Issuances
Executive Orders
customs valuation
cost insurance and freight (c.i.f.)
home consumption value
tariff and customs code
dutiable value
ad valorem rate of duty
transaction value
wholesale quantities
ordinary course of trade
principal markets
exporting country
internal excise taxes
containers
coverings
packings
expenses
costs
charges
freight
insurance premium
port of entry
commercial invoice
trade invoice
sales invoice
reasonable doubt
commissioner of customs
revenue attache
commercial attache
foreign trade promotion attache
diplomatic officers
bureau of customs
domestic wholesale selling price
manila
principal markets in the philippines
expenses and profits
duties and taxes
rules and regulations
minister of finance
executive order
Law
Amending Section 201 Of The Tariff And Customs Code Of The Philippines, Changing The Base For Customs Valuation From Home Consumption Value To Cost, Insurances And Freight (C.I.F.) And For Other Purposes
Executive Order No. 71
•November 25, 1986
EXECUTIVE ORDER NO. 71 November 25, 1986
AMENDING SECTION 201 OF THE TARIFF AND CUSTOMS CODE OF THE PHILIPPINES, CHANGING THE BASE FOR CUSTOMS VALUATION FROM HOME CONSUMPTION VALUE TO COST, INSURANCES AND FREIGHT (C.I.F.) AND FOR OTHER PURPOSES
WHEREAS, the predominant international customs valuation system is the Cost, Insurance and Freight (C.I.F);
WHEREAS, the Philippines adopts the Home Consumption Value System of valuation;
WHEREAS, the Government recognizes the importance of aligning its system with that of its international trading partners, particularly the Association of Southeast Asian Nations (ASEAN);
WHEREAS, the Cost, Insurance and Freight (C.I.F.) valuation system conforms more to existing customs administrative procedures and practices formulated to facilitate the flow of international trade;
NOW, THEREFORE, I, CORAZON C. AQUINO, President of the Philippines, do hereby order:
Sec. 1. Section 201 of the Tariff and Customs Code of the Philippines, is hereby amended to read as follows:
"Sec. 201. Basis of Dutiable Value. The dutiable value of an imported article subject to an ad valorem rate of duty shall be based on the transaction...
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Amends
n/a
Amended by
n/a
Tags
Executive Issuances
Executive Orders
customs valuation
cost insurance and freight (c.i.f.)
home consumption value
tariff and customs code
dutiable value
ad valorem rate of duty
transaction value
wholesale quantities
ordinary course of trade
principal markets
exporting country
internal excise taxes
containers
coverings
packings
expenses
costs
charges
freight
insurance premium
port of entry
commercial invoice
trade invoice
sales invoice
reasonable doubt
commissioner of customs
revenue attache
commercial attache
foreign trade promotion attache
diplomatic officers
bureau of customs
domestic wholesale selling price
manila
principal markets in the philippines
expenses and profits
duties and taxes
rules and regulations
minister of finance
executive order
EXECUTIVE ORDER NO. 71 November 25, 1986
AMENDING SECTION 201 OF THE TARIFF AND CUSTOMS CODE OF THE PHILIPPINES, CHANGING THE BASE FOR CUSTOMS VALUATION FROM HOME CONSUMPTION VALUE TO COST, INSURANCES AND FREIGHT (C.I.F.) AND FOR OTHER PURPOSES
WHEREAS, the predominant international customs valuation system is the Cost, Insurance and Freight (C.I.F);
WHEREAS, the Philippines adopts the Home Consumption Value System of valuation;
WHEREAS, the Government recognizes the importance of aligning its system with that of its international trading partners, particularly the Association of Southeast Asian Nations (ASEAN);
WHEREAS, the Cost, Insurance and Freight (C.I.F.) valuation system conforms more to existing customs administrative procedures and practices formulated to facilitate the flow of international trade;
NOW, THEREFORE, I, CORAZON C. AQUINO, President of the Philippines, do hereby order:
Sec. 1. Section 201 of the Tariff and Customs Code of the Philippines, is hereby amended to read as follows:
"Sec. 201. Basis of Dutiable Value. The dutiable value of an imported article subject to an ad valorem rate of duty shall be based on the transaction...
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