Republic Acts1 min read
Section 32Sec./Art. 32
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Section 107 of the NIRC, as amended, is hereby further amended to read as follows:
"Sec. 107. Value-added Tax on Importation of Goods. - "(A) In General. - There shall be levied, assessed and collected on every importation of goods a value-added tax equivalent to twelve percent (12%) based on the total value used by the Bureau of Customs in determining tariff and customs duties, plus customs duties, excise taxes, if any, and other charges, such tax to be paid by the importer prior to the release of such goods from customs custody: Provided, That where the customs duties are determined on the basis of the quantity or volume of the goods, the value-added tax shall be based on the landed cost plus excise taxes, if any.
"(B) Transfer of Goods by Tax-exempt Persons. - x x x."
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