DOF releases list of top car importers

MANILA, Philippines - Toyota Motor Philippines Corp. (TMPC) was  the top car importer for 2012 while Hyundai Asia Resources paid the most customs duties among importers of motor vehicles with over P1 billion remitted to the government that year.

The Department of Finance in partnership with the Bureau of Customs came out with its latest tax watch ad campaign, featuring importers of motor vehicles, the total value of vehicles they imported and the corresponding customs duties they paid on these imports based on  data  from the BOC’s Electronic-to-Mobile system.

TMPC, a joint venture between banking tycoon George S.K. Ty and Japan’s Toyota Motor Corp., paid P44.79 billion for the cost, insurance and freight (CIF) of goods brought into the Philippines. In terms of customs duties, the auto manufacturer/distributor paid P125.36 million.

Hyundai, which ranked fourth in the top 10 car importers for 2012, paid a total of P1.97 in customs duties, which are computed by multiplying the dutiable value with duty rate and converted to peso value. The distributor of the Korean car brand settled  P8.32 billion for the CIF.

Customs duties are defined as taxes levied on goods entering the country.

The duty rate varies depending on the classification of goods under the 2012 Asean Harmonized Tariff Nomenclature and various Philippine Trade Agreements.

The DOF-BOC pointed out that certain importers are exempt from customs duties as specified in the Tariff and Customs Code of the Philippines. Hence, some commodities and importers may have zero corresponding customs duties paid.

Mitsubishi Motors Philippines Corp. was the second  biggest car importer, shelling out P24.3 billion.  It paid customs duties amounting to P72.88 million.

Honda Cars Philippines was the third largest car importer, paying P8.95 billion.  It also paid the second highest customs duties, amounting to P749.44 million.

American automotive firm Ford Motor placed fifth after spending P7.68 billion in CIF.  It paid P416.79 million in customs duties.

Rounding out the top 10 car importers for 2012 were Isuzu Philippines Corp. with a CIF value of P7.61 billion,  Suzuki Philippines (P5.75 billion), Kawasaki Motors Philippines (P4.71 billion), Honda Philippines (P4.5 billion), and Universal Motors Corp. (P3.6 billion).

In terms of customs duties paid, Isuzu remitted P16.3 million to the government, Suzuki (P336.1 million), Kawasaki (P37.71 million), Honda Philippines (P25.08 million), and Universal Motors (P33.19 million).