Business, Finance & Technology
Business Technology, Finance Technology & Information Technology
DOE and BOC clarify the import coal valuation.
On Wednesday, the Bureau of Customs (BOC) and the Department of Energy (DOE) clarified the application of valuation to imported coal.
DOE Undersecretary Sharon Garin stated that the BOC must utilize the transactional value, not the reference value when collecting taxes and tariffs on imported coal during a virtual news briefing.
“The price of coal is the issue with coal importing. She said they have to pay more taxes and tariffs the more coal they buy.
According to Garin, switching from transactional value to reference value will increase the cost of coal and raise power rates from 10 centavos to 30 centavos.
They have reevaluated the Customs Modernization Law’s implementation in conjunction with the Bureau of Customs. She suggested that it should have transaction value rather than the (a) reference value.
According to Garin, BOC also instructed collectors to apply the accurate assessment for imported coal immediately.
She continued the advantage is on the customers with this move by the BOC and DOE.
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