The VICMU, according to BoC Commissioner Antonio Bernardo, will streamline the procedures involved in the issuance and transmittal to the Land Transportation Office (LTO) of certificates of payment (CPs) for imported vehicles and to plug tax leaks attendant thereto.
The main objective of the new unit, Bernardo added, is to coordinate with other government regulatory agencies in ensuring that only compliant-vehicles under the Clean Air Act, the Consumers Protection Act, and the Seat Belt Law are released from the customs zones.
Bernardo also said that the newly-created unit will help prepare the importers and brokers of motor vehicles and component parts for post entry audit (PEA).
The new guidelines for the release of imported vehicles from the customs zones are:
• All CPs shall cover only one unit of vehicle or component part and must be specifically described on the face of the CP, and an actual physical check up shall be attached to the CP.
• All CPs shall be transmitted to the VICMU for it to transmit to the LTO. Any direct transmittal to the LTO shall be considered null and void.
• The VICMU shall, upon receipt of the CPs, cause the trasmittal of the same to the LTO, unless, in its judgment, a review or reassessment is warranted and shall return the CP to the originating port.