Good news for Filipino workers overseas returning home permanently. The Senate has announced a newly approved law that allows OFW's to bring home personal items and belongings completely tax-free, with a maximum worth of about P350,000.
They can now place their important items and belongings to a 20-footer van with no charges at all as long as it does not surpass beyond the approved cost. Sen. Recto said,
"Jewelry, precious stones, and other goods of luxury, personal and household effects including wearing apparel, goods of personal adornment except luxury items, toilet goods, instruments related to one’s profession and analogous personal or household effects, excluding vehicles, watercraft, aircraft and animals." The value of items that are brand new and used differ accordingly. Sen. Recto clarified this by saying "The bicam can still raise the amount. Of course, if these are used items, of course assessed values would be lower."
Apparently, OFW's who can avail of this new P350,000 tax exemption privilege are those who have worked for 10 years abroad. But not to worry, OFW's who worked for at least 5 years will also benefit from the P250,000 shipment value.
Certainly good news for Filipinos working abroad who are planning to go home.
Source: Pinoy Juander