MANILA, Philippines - Importers are expected to save on the cost of processing their requirements after the tax and customs bureaus signed an agreement for an electronic data exchange.
In a statement, the Bureau of Customs (BOC) said the memorandum of agreement with the Bureau of Internal Revenue (BIR) will create an online facility wherein tax identification numbers and other relevant information on importers will be stored.
This will phase out the use of the Import Entry and Internal Revenue Declaration (IEIRD or BC Form 236) forms which importers pay for as part of the requirements for processing their shipments.
Under the agreement signed earlier this month, the BIR will be required to provide the online database for TINs and other information on importers and exporters.
The tax bureau will also need to assign a Data Warehousing and Systems Operations Division which will receive all electronic copies of import and export entries sent online by the BOC.
For the BOC’s part, it will be submitting electronic copies of Customs import and export entries to the BIR. The Customs bureau will also need to furnish the BIR with a weekly, monthly, and annual consolidated import and export reports.
Both bureaus have been tasked to “continuously enhance the electronic information exchange” in order to improve both agencies’ performance.
The memorandum also stated that the BOC and the BIR should always “promptly resolve” any discrepancy issues on information being shared, and to publish rules and regulations covering the new agreement.
The move is in line with Republic Act 8792 or the Electronic Commerce Act of 2000 which supported the enhancements of dealings and transactions by means of electronic, optical or other technology.