Since the Department of Trade and Industry (DTI) decided to rescind its previous order to impose a provisional safeguard bond on imported vehicles, affected car owners have been inquiring about how to avail of the refunds that they are due to receive.
The Bureau of Customs has finalized the necessary steps for importers to claim the safeguard bonds
It turns out that the decision rests with the Bureau of Customs (BoC), the agency responsible for collecting the money. After Department Administrative Order (DAO) 21-04 issued by the DTI, it’s the BOC’s turn to release Customs Memorandum Order (CMO) 28-2021, mandating that all cash bonds imposed on imported vehicles from February 1, 2021, must be returned to the automotive importers concerned.
Customers will be happy to know that the BoC order is effective immediately
For customers anxious to claim their refunds, this means that the money isn’t actually with their respective dealers just yet. The BoC memo enumerates the requirements that vehicle importers will have to comply with in order to get back the cash deposits, and only then will they be able to reimburse clients who bought units from them.
The following are the documents that importers will have to provide:
- Statement of Refund duly signed by the District Collector
- Single Administrative Document/Import Entry and Internal Revenue Declaration (SAD/IEIRD)
- Proof of Payment
- Bureau of Customs Official Receipt (BCOR) processing fee
- Certificate of No Outstanding Obligation
- Recommendation/Order from the Port
- Endorsement to Financial Management Office (FMO)
- Certification from the FMO that the cash bond was deposited to a Trust Fund or the Account of the Bureau, whichever is applicable, and the details pertinent thereto
According to the memo, the order is effective immediately, which should come as good news for those awaiting their cash reimbursements. Dealerships have already alerted their customers that the refunds are forthcoming, and the timely release of these deposits will ultimately depend on how soon importers will be able to supply the required documents so that the process can commence.
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