Revillame must pay P8 M in taxes for Ferrari

MANILA, Philippines – Comedian Willie Revillame will have to kiss his P30-million Ferrari goodbye or park it permanently in his garage unless he is willing to pay the full tax of at least P8 million.

His Ferrari is among more than 10,000 luxury cars and sport utility vehicles (SUVs) brought into the country through the ports of Cebu or registered there that will no longer be registered again.

The Land Transportation Office and the Bureau of Customs have agreed that LTO offices will not renew the registration of these vehicles unless their owners present a BOC clearance.

And before the Customs bureau would issue the clearance, the owners would have to pay the full amount of duties and taxes due on their vehicles.

In the case of Revillame’s Ferrari, which was brought in through one of the ports in Cebu, it was reported that the importer or consignee paid a measly tax of about P8,000 only. The comedian is the vehicle’s second or third owner.

Customs Commissioner Napoleon Morales revealed the LTO-BOC agreement in last week’s hearing of the House committee on good government on car smuggling in Cebu during the time of former LTO chief Reynaldo Berroya and former Customs collector Billy Bibit.

Morales said the correct amount of duties and taxes has not been paid on many of the vehicles.

In some cases, vehicles were registered without the required BOC clearance, he said. – Jess Diaz