According to Philippine media reports on the 5th, the Bureau of Customs of the Philippines issued the conditions for the implementation of special tariffs under the Regional Comprehensive Economic Partnership Agreement (RCEP).
According to regulations, only imported goods from 15 RCEP member countries can enjoy the preferential tariffs of the agreement. Goods transferred between member states must be accompanied by a certificate of origin.
According to the agreement, the Philippines maintains the existing preferential tax rates for 98.1% of the 1,718 agricultural tariff lines and 82.7% of the 8,102 industrial tariff lines.
According to the Bureau of Customs, of the 1,685 agricultural tariff lines that will remain at the current rate, 1,426 will remain at zero rate while 154 will be charged at the current MFN rate.
“If the RCEP preferential tariff rate is higher than the tax rate applicable at the time of import, the importer can apply for a refund of the overpaid duties and taxes on the original goods,” the Bureau of Customs of the Philippines said.