The Bureau of Customs (BOC) has recently implemented CAO 01-2024, showcasing significant reduction in fees for customs bonded warehouses (CBW), with a specific focus on supporting Micro, Small, and Medium-sized Enterprises (MSMEs) while also streamlining regulatory processes.
This move comes in response to widespread appeals from stakeholders within the industry and seeks to bring uniformity to the diverse fee structures previously in place. One of the key revisions introduced by this order is the reduction in supervision fees, particularly benefiting MSMEs operating as members of CBW.
Additionally, MSMEs whose assets valued at PHP 3 million and below are now exempt from paying certain fees and charges, providing relief to smaller businesses. The revised fee structure, outlined in detail within the order, aims to create a fair and balanced environment for all warehouse operators and stakeholders as follows:
Behind this initiative lies a collaborative effort between the BOC and industry representatives, including the Export Development Council – Networking Committee on Trade Policies and Procedures Simplification (NCTPPS). This partnership underscores the importance of cooperation between the public and private sectors in addressing regulatory challenges and fostering a more conducive business climate.
Overall, this reduction in fees for customs bonded warehouses marks a significant step towards creating a more business-friendly environment. By addressing the needs of MSMEs and simplifying regulatory processes, the BOC aims to facilitate growth and innovation within the industry while ensuring compliance with customs regulations. AGPM