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What is the value of goods of a commercial nature cleared through an informal entry process?
What is the value of goods of a commercial nature cleared through an informal entry process?
What is the period for adjusting the value of goods of a commercial nature cleared through an informal entry process?
What is the period for adjusting the value of goods of a commercial nature cleared through an informal entry process?
What type of goods are cleared through an informal entry process?
What type of goods are cleared through an informal entry process?
What is required for importations entered through a formal entry process?
What is required for importations entered through a formal entry process?
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Who may adjust the value of goods of commercial nature cleared through an informal entry process?
Who may adjust the value of goods of commercial nature cleared through an informal entry process?
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Study Notes
Goods Declaration for Consumption
- Goods declaration for consumption is cleared through a formal entry process, except for certain goods which are cleared through an informal entry process.
- Goods of a commercial nature with a value of less than P50,000.00 are cleared through an informal entry process.
- The value of P50,000.00 is adjusted every three years to its present value using the Consumer Price Index (CPI) as published by the PSA.
- Personal and household effects or goods, not in commercial quantity, imported in a passenger's baggage or mail, are cleared through an informal entry process.
- The Commissioner may adjust the value of goods of commercial nature that shall be cleared through an informal entry process without waiting for the periodic adjustment period.
- All importations entered through a formal entry process must be covered by a letter of credit or any verifiable commercial document evidencing payment.
- In cases where there is no sale for export, a commercial document indicating the commercial value of the goods is required.
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Description
Test your knowledge on customs clearance regulations in the Philippines, including procedures for goods declaration and valuation. Learn about the formal and informal entry processes, and the requirements for different types of goods. This quiz covers the rules and regulations governing customs clearance in the Philippines.
