The following is excerpted from the 9 February 2014 edition of Business world Online.
THE FINANCE department has issued new rules mandating importers to secure tax bureau accreditation, along with guidelines for post-entry audits of import transactions, as part of a "coordinated policy response" against smuggling.
Department Order (DO) 12-2014, issued Feb. 6, requires importers to be cleared by the Bureau of Internal Revenue (BIR) before they are accredited by the Bureau of Customs (BoC).
"Applicants seeking to register as importers with the BoC will now have to pass through stringent verification procedures by the BIR to get the necessary BIR Importer Clearance Certificate (BIR-ICC)," the Finance department said during the weekend.
This article is available in its entirety at:
http://www.bworldonline.com/content.php?section=TopStory&title=Finance-issues-new-rules-for-importers&id=83198