|
Philippines customs starts investigation on steel imports for alleged undervaluation
|
Philippine Iron and Steel Institute notified Philippines Bureau of Customs there were some harmful illegal activity of some steel importers allegedly undervaluation of the steel importations.
As results, Philippines Bureau of Customs is carrying on an investigation on all steel importers for undervaluation of their steel importations.
It is said that some steel importers deluded the government with millions of pesos in taxes.
Philippines Bureau of Customs has ordered a Post Entry Audit on all steel importations.
In this March, Philippines local manufacturers of steel products are complaining about the unabated incidence of technical smuggling allegedly in the Port of Cebu, with several cases of undervaluation of imported iron and steel products already reported to the Bureau of Customs.
News Date
5/29/2012 9:37:03 AM
reported by
Mike Lo
|
|
|
|
|