why cant i bring 10,000 USD in my pocket going home to Phil w/o paying extra.?

[Jonga]

i dont see the point why its "suspicious of money laundering" and why you need to pay some sort of tax

why cant i bring something (maybe jewelry) worth a fortune going home to Phil.
but i can bring home my underwear, taxfree

:confused:

http://en.wikipedia.org/wiki/Money_laundering
http://www.customs.gov.ph/faqs.jsp

and
am i exempted if im performer and i brought my solid gold electric guitar that is worth more than 10,000 pesos?

[SChic]

haha...cuz you have more money than their president.....

[Jonga]

ganun? ang OA naman ng batas natin kung ganon....:angry:

[KuyaDanny]

Goods, not money, are subject to duty.

The reason you are asked to declare money or securities more than USD10,000 is for the monetary authorities to have a record of significant inflows of funds.

And the reason it is considered "suspicious of money laundering" is that transporting cash in large amounts across borders is one of the most common ways criminals, terrorists, and money launderers move their money. Legitimate businessmen and law-abiding citizens tend to use safer means, such as wire transfers and checks.

Your guitar will be subject to duty if you acquired it abroad and brought it in. If you brought it out of the country to perform abroad, and brought it back in after your concert, it would not be dutiable if you are able to prove you brought it out when you left. Usually you would get some sort of permit from Customs.

And actually, if your underwear is worth more than P10,000, they could be subject to duty, too.

[Jonga]

so all i have to do is to prove that i got the money without cheating?

wire transfers and checks cost something (i think)
bringing my money "hand carry" do not cost anything...except for the air fare, but bringing the money is just secondary.

thanks for explaining to me that only the items are subject to duty(actually i didnt pay attention earlier with the links i provided :D <---guilty)

i just wanna ask why do they need to tax my guitar and my underwear if they are expensive? whats the reason behind it?

thanks for showing me the light :lol:

[KuyaDanny]

All you have to do is to write down on the form (customs declaration) how much money you are bringing.

[lechon x]

wire transfers and checks cost something (i think)
bank to bank ka na lang. accessable na halos lahat ng banks basta may ATM card ka. check usually has 30 to 45 days clearing so forget that.

bringing my money "hand carry" do not cost anything...except for the air fare, but bringing the money is just secondary.

kung may pera ka, kaya mong magbayad ng minimal service fee. Kung bib-bit mo yang 10K, maraming mandurukot (not to mention yong customs) pag baba mo pa lang ng eroplano or baka mahulog pa yan.

the best bank so far is the WAMU (Washington Mutual) They only charge 1% withdrawal fee. Walang service charge.:D

[KuyaDanny]

i just wanna ask why do they need to tax my guitar and my underwear if they are expensive? whats the reason behind it?

The reason is IT'S THE LAW. The import of goods is subject to duty unless there is another law which exempts the goods from duty.

Most taxes and government charges are arbitrary. The government figures it needs to raise money and decides to collect it from the people. No further reasoning is used. They just pass a law.

[Jonga]

that is sad to hear, ive always thought laws were created to maintain order...which means it was passed because its reasonable enough and not just to squeeze money like you said...:(

ah well, its clear now and you guys answered my question, thank you very much :)

[the_BuGs]

^^ oh bakit hindi hinihirit yung kung ayaw mong magbayad ng service charge fee sa bangko dahil kuripot ka? at gusto mo talagang dalhin yung pera mo at ayaw mong ideposito? :lol:

pinahihirapan mo ako tapos kay KD lang eh bibigay ka na :lol:

[the_BuGs]

Double post po! :D

[BeerhandBop]

"
wire transfers and checks cost something (i think)
bringing my money "hand carry" do not cost anything...except for the air fare, but bringing the money is just secondary."


wala akong magagawa rito kundi mangamot ng ulo.


ALL COUNTRIES HAVE THE SAME POLICY.

Huge amounts of money brought into the country must be declared.

most people nowadays bring plastic, diba?

[ubermensch]

buti na lang never ko problema yan

wala akong $10,000 eh :glee:

[flimmmmeryrose]

such a dumb idea, why would you carry such amount anyway?
I mean the cost of wire transfer, or any bank transaction is very insignifacant compared to the cost that might result if you lose your money.

[opinoynated]

Im stumped about that. I can understand limiting 10K USD cuz that's pretty standard... but 10K PHP???? Probably more of a local tax thing...

Why not talk to your bank regarding alternative arrangements? That 10K USD rule was not put in place by the Philippines. It is an American/European device to cut down on money laundering.

[Jonga]

^^ oh bakit hindi hinihirit yung kung ayaw mong magbayad ng service charge fee sa bangko dahil kuripot ka? at gusto mo talagang dalhin yung pera mo at ayaw mong ideposito? :lol:

pinahihirapan mo ako tapos kay KD lang eh bibigay ka na :lol:

e moderator si KD e, ma "banned by admin" pa ko :glee:


pero sige lets say i have a personal laptop worth php100k, if i bring it home to Phil, am i going to be taxed and required to pay for an amount 50% that exceeds php10k?

check it out here:
http://www.customs.gov.ph/faqsChap2p2.jsp

what if im a "expensive underwear model", i use underwear in my work, if my underwear exceeds 10k, am i still taxed :glee:

[Dunedain]

pero sige lets say i have a personal laptop worth php100k, if i bring it home to Phil, am i going to be taxed and required to pay for an amount 50% that exceeds php10k?

Nope. Any electronic item that is considered as "personal" (laptop, camcorder, camera, MP3 player) isn't taxable. A lot of folks who'd jump into travelling aren't aware of this since they mostly rely on "hearsay" (sabi-sabi) rather than facts.

what if im a "expensive underwear model", i use underwear in my work, if my underwear exceeds 10k, am i still taxed :glee:

Not that I know of since most of my underwear aren't made out of gold, platinum, or any known precious or semi-precious metals that could be turned into threads, as well it to be studded with precious or semi-precious stones... ...like Liberace or Michael Jackson. I wonder if the threads of "Terminatorong" (Barong Tagalog threads made out of liquid metal) is applicable? :lol: But, hey, them cheap silk boxers sold in Tsim Sha Tsui in HK turns on some west-end women, not sure with Pinays. :naughty: