[ap-intact] INFO: Only US$.23 for a jar of Nutella? Philippine importers under scrutiny anew
[Facilitator's note: Thank you to Christine Clough, Program Manager, Global Financial Integrity, for sharing this information.]
Several Filipino importers are once again under scrutiny for declaring the import value of a jar of Nutella as P10 (US$.23) and Skippy peanut butter as P4 (US$.09). The government has been intensifying efforts against Customs corruption, which includes under-invoicing of import goods to avoid import duties and value-added tax. Last year, a study by U.S.-based anti-graft watchdog group Global Financial Integrity showed that more than $410 billion in illicit money crossed the borders of the Philippines from 1960 to 2011, with Customs fraud related to imported goods surging in recent years. The GFI study showed that over the past decade, 25 percent of the value of all goods imported into the Philippines goes unreported to customs officials.
Read the story in ABS-CBN News. http://www.abs-cbnnews.com/business/01/28/15/p10-jar-nutella-importers-under-scrutiny-anew
Several Filipino importers are once again under scrutiny for declaring the import value of a jar of Nutella as P10 (US$.23) and Skippy peanut butter as P4 (US$.09). The government has been intensifying efforts against Customs corruption, which includes under-invoicing of import goods to avoid import duties and value-added tax. Last year, a study by U.S.-based anti-graft watchdog group Global Financial Integrity showed that more than $410 billion in illicit money crossed the borders of the Philippines from 1960 to 2011, with Customs fraud related to imported goods surging in recent years. The GFI study showed that over the past decade, 25 percent of the value of all goods imported into the Philippines goes unreported to customs officials.
Read the story in ABS-CBN News. http://www.abs-cbnnews.com/business/01/28/15/p10-jar-nutella-importers-under-scrutiny-anew