RMC No. 14-2014: Publishes the full text of Executive Order No. 155 by the President of the Philippines, Entitled “Amending Executive Order No. 160 (S.2003), and for Other Purposes”

Summary

RMC No. 14-2014 publishes the full text of Executive Order (EO) No. 155, “Amending Executive Order No. 160 (S.2003), and for Other Purposes”. The EO gives the Department of Finance-Fiscal Intelligence Unit the functions of the Post Entry Audit Group (PEAG).

Key points

1. Trade Information and Risk Analysis Office. This office sets the framework and benchmarks for measuring compliance of industry groups. It directs and implements a computer-aided risk management system to set audit selection parameters. It also recommends audit targets to the Commissioner of Customs and sets audit policies, guidelines, manuals and standard operating procedures.
2. Compliance Assessment Office. This office prepares an audit work plan for approved audit targets and conducts audit examination, inspection, verification or investigation. It also prepares and submits audit reports, and develops and implements a customs compliance program.
3. Winding up of the PEAG. The winding-up of PEAG operations, including the disposition or transfer of its functions, assets and liabilities, follows the Rules and Regulations Implementing EO No. 72 (S. 2002). Affected PEAG officers and employees are absorbed by the BOC, without prejudice to their rights and benefits under existing laws, rules and regulations.

Who is affected

• Department of Finance-Fiscal Intelligence Unit
• Former PEAG officers and employees

Deadlines and effectivity

• Issued February 26, 2014

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