The Bureau of Customs (BOC) is encouraging buyers-in-good faith of imported luxury motor vehicles who are subjects of a Letter of Authority (LOA) to come forward within 15 days and pay the correct duties and taxes.
The BOC on Sunday urged the vehicle owners to respond within 15 days from the effectivity of the LOA and present evidence of payment of duties and taxes to avoid a warrant of seizure and detention on their imported goods.
Buyers or claimants of these luxury vehicles also known as “exotic cars” must also present proof of local purchase, the BOC said.
“If the claimant and/or registered owners cannot produce these proofs despite diligent efforts to produce the same, in the absence of attributable fraud, “buyers-in-good faith” of imported motor vehicles registered with the Land Transportation Office may opt to offer to pay the duties and taxes due on the imported items to effect the release thereof,” the BOC said.
The LOA covered suspected smuggled luxury vehicles worth P1.4 billion, which the BOC found during raids on February 13 in Pasay and Parañaque cities. The luxury vehicles included Ferrari, Lamborghini, Maybach, and Maserati.
Meanwhile, in another raid in Makati City on February 14, the BOC uncovered 16 luxury vehicles and one high-end motorcycle, all unregistered with an approximate value of P366 million.
The BOC said the voluntary payment of correct duties and taxes is a customs administrative remedy available to owners of imported motor vehicles registered with the Land Transportation Office who can prove that they are bona fide purchasers of imported goods.
“The voluntary payment scheme is a proactive approach, which empowers the bureau to significantly bolster its revenue collection efforts, while effectively recognizing the equitable rights of unsuspecting innocent purchasers for value of imported goods,” BOC Deputy Commissioner for Intelligence Group Juvymax Uy said.
