Exchange Rate Rules for Tax Assessment

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BOC MEMORANDUM ORDER NO. 24-95: Exchange Rate Rules for Tax Assessment

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Title Source: Supreme Court: Exchange Rate Rules for Tax Assessment

Law: Boc Memorandum Order No. 24-95

Decision Date: Sep 12, 1995

Effective September 15, 1995, the Bureau of Customs mandates the use of the Central Bank's weekly exchange rate for duty and tax assessments, simplifying currency conversion by directly converting foreign currencies to Philippine Pesos.

Law Summary

Conversion of Foreign Currencies

Foreign currency amounts shall be converted directly into Philippine Pesos.
This eliminates the previous practice of first converting foreign currency amounts into U.S. dollars before converting to Philippine Pesos.

Effectivity and Revocation of Prior Orders

All prior issuances inconsistent with this order are revoked.
The order took effect on September 15, 1995.

Purpose and Rationale

The changes aim to simplify rules and procedures in the computation of customs duties and taxes.
The order supports the Bureau's computerization program for more efficient processing.

END