Philippines Customs Launches Post-Clearance Audit, Prior Disclosure Program
As part of its Customs Modernization and Tariff Act, the Philippines’ Department of Finance has created post clearance audit functions for the country's Bureau of Customs and announced a new prior disclosure program, which allows companies to minimize their penalties…
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for errors and omissions on import documentation, according to a recent PricewaterhouseCoopers alert. Post-clearance audits can include audits of importers, customs brokers, agents and “all other parties engaged in the customs clearance and processing functions,” according to the notice. Auditors can also review all export- and import-related records “required to be kept by law,” the notice said. The prior disclosure program, the notice said, allows the Philippines’ Bureau of Customs commissioner to consider previous disclosures of errors and omissions in goods declarations by importers “as a potential mitigating factor in determining penalties.” All disclosures must contain "the errors and payment of deficient amounts of duties, taxes and penalties."