PHILIPPINES: Application Lodged for Tax-Free Temporary Import Arrangement
04 February 2022
The Philippines deposited its Instrument of Accession to the Convention on Temporary Admission (also referred to as the Istanbul Convention) at the Brussels-headquartered World Customs Organization on 17 January 2022. The country is looking to join the 72 other parties to the Convention to become entitled to total or partial exemption from duties and taxes on goods temporarily imported for re-exportation within a period of up to one year.
Under the terms of the Convention, goods covered by the ATA carnet can be imported for a specific temporary purpose without incurring import duties or taxes, provided that they are to be re-exported within a specified timeframe and will under not undergo any substantive changes or processing in the interim period.
The arrangement, which is set to come into force for the Philippines on 17 April 2022, is seen as likely to particularly benefit micro, small and medium-sized enterprises looking participate in international trade fairs and similar events.
- Southeast Asia