MANILA: The proposed law which will modernize the Bureau of Customs (BoC) and the tariff system was approved on second reading at the Senate, closing off any individual or committee amendments to the bill tagged as a priority measure by the government and the business sector.
Senate Bill No. 2968, otherwise known as the Customs Modernization and Tariff Act (CMTA), was approved during Monday’s plenary session after winning the votes of all 16 Senators present.
In a previous interview with BusinessWorld, Senator Juan Edgardo M. Angara, chairperson of the Senate Committee on Ways and Means, said on Sunday that the CMTA Senate bill can be passed on third reading this month or in early January.
The Senate only have until Wednesday, Dec. 16 to conduct plenary session this year, before breaking for Christmas.
Earlier in October, the House of Representatives passed its counterpart version of the proposed law, House Bill No. 5525, after consolidating the 12 different bills seeking the modernization of the BoC.
When the measure is enacted, reforms to the BoC are expected to include the full electronic processing of shipment documents, streamlining of export and import procedures, simplified processes for seizure and disposition of illegal goods, and steeper penalties for violations.
The proposed law has been tagged as priority legislation by the Executive and Legislative branches, and has the backing of the Joint Foreign Chambers of the Philippines, a coalition of foreign business associations.
According to the Department of Finance, the BoC is the second largest contributor to the national treasury next only to the Bureau of Internal Revenue.
In 2014, the BoC’s collections amounted to P369.28 billion, up 21%. As of November 2015, preliminary data from the bureau show collections of P299 billion.
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