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RMC No. 20-2008: Publishes the full text of Executive order No. 660 rationalizing the tax privilege covering importations by registered enterprises within the Subic Special Economic Zone

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Summary

RMC No. 20-2008 publishes the full text of Executive Order No. 660, dated September 13, 2007, which rationalizes the tax privilege on importations by registered enterprises in the Subic Special Economic Zone (SSEZ).

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Key points

  1. Excess importations. Importations of raw materials, capital goods and equipment by registered businesses or locators in the SSEZ that exceed the needs of their registered or authorized activity are deemed brought into or sold within the customs territory. They are subject to taxes and customs duties under existing customs and tax laws.
  2. Implementing issuances. The Bureau of Customs and the BIR, in coordination with the Subic Bay Metropolitan Authority, issue circulars to clarify or simplify documentation, procedures, tax treatment and payment of taxes and duties on excess importations.

Who is affected

  • Registered enterprises and locators in the SSEZ

Summary by Tax Resources PH. It is not a substitute for the full text of the issuance or professional advice.

Copies of BIR issuances are hosted here for reference. For the official version, check bir.gov.ph. Summaries by Tax Resources PH are not a substitute for the full text or professional advice.