MANILA, Philippines – Among the top 10 car importers in 2012, only one company breached the P1 billion mark in Customs duty paid on motor vehicles imported.
The latest Tax Watch ad by the Department of Finance and the Bureau of Customs showed that Hyundai Asia Resources paid P1,975,408,664 in Customs duties.
The ad defined Customs duty as taxes “levied on goods entering the country, and is derived by multiplying the dutiable value with duty rate and converted to peso value.”
“Certain importers are exempt from customs duties, as specified in the Tariff and Customs Code of the Philippines. Hence, some commodities and importers may have 0 corresponding Customs duties paid,” it added.
Hyundai ranked fourth top car importer in 2012 with a CIF value of motor vehicles imported of more than P8.3 billion.
CIF value is the cost of goods, insurance, and freight of goods imported.
Topping the list of motor vehicle importers were Toyota Motor Philippines Corp. (P44.7 billion) and Mitsubishi Motors Philippines (P24.3 billion).
Toyota paid Customs duties worth P125,361,142 while Mitsubishi paid P72,885,975.
Completing the top 10 car importers in 2012 based on CIF value are Honda Cars Philippines Inc. (P8.9 billion), Ford Group Philippines (P7.6 billion), Suzuki Philippines (P5.7 billion), Kawasaki Motors-Philippines (P4.7 billion), Honda Philippines Inc. (P4.5 billion), and Universal Motors Corp. (P3.6 billion).
The Tax Watch ad noted that data is extracted from the Customs’ Electronic-to-Mobile system (e2M) database and does not include manual assessments.