After more than a decade of clamor from industry leaders and the export community, the Philippines has officially become a part of the ATA Carnet System with the Senate Committee on Foreign Affairs ratifying the Convention on Temporary Admission through Senate Resolution 832 on November 8.
Senate Resolution 832 or the Convention on Temporary Admission and its various Annexes constitute the international codification of the ATA Carnet system.
In a press release, the Senate Committee on Foreign Affairs said the resolution will help Filipino exporters showcase their products internationally since the treaty obligates contracting countries to provide temporary admission of goods with total conditional relief from import duties and taxes.
According to ATACarnet.com, the ATA Carnet merchandise passport will reduce the costs of exporting goods since it eliminates value-added taxes (VAT), duties and the posting of security normally required at the time of importation in the country destination.
