MANILA, Philippines - Ted Failon investigates the alleged irregularities at the Bureau of Customs and how car owners avail of luxury cars without paying proper taxes tomorrow, March 9, in Failon Ngayon.
In the Philippines, purchasing an imported luxury car requires the buyer to pay another 30 percent of the price for customs duties, 12 percent for the value added tax (VAT) and 100 percent for the ad valorem tax or specific tax. Thus, a Porsche that is worth $100,000 or P4.5M must be purchased for approximately P11M.
However, sources claim that some luxury cars are being sold with a lower tax fee in the “gray market.†What is the “gray market†and why it is being patronized? Moreover, the Bureau of Customs is also allegedly accepting bribe from some dealers to let them sell smuggled cars. How true are these allegations?
Failon Ngayon airs at 4:45 p.m., after SOCO on ABS-CBN with a replay on ANC every Sunday, 2 p.m. Visit its Facebook page at www.facebook.com/failon.ngayon and follow it on Twitter via @Failon_Ngayon. Tweet your thoughts and reaction this weekend using the hashtag #FNcars.