Customs Bureau seizes stainless steel from Taiwan

Eight container vans of stainless steel from Taiwan were seized by the Bureau of Customs on Wednesday for having been misdeclared as containing ordinary steel coils. The shipment with a dutiable value of about P40 million arrived on Dec. 18 at the Manila International Container Port, the bureau said. Customs Commissioner Angelito Alvarez said in a statement consignee Sanyo Seiki Stainless Corp. supposedly misdeclared the items to save on duties and value-added tax or VAT. Stainless steel has a 3-percent import duty while ordinary steel coil has a zero duty rate, Alvarez said. "But the consignee's greater savings would come [from] the assessment of value-added tax which is… 12 percent of landed value," he said. The VAT for stainless steel is at least $240 per metric ton and $54 for ordinary steel coils, Alvarez explained. Meanwhile, Custom's Enforcement and Security Services acting director Jose Yuchongco said the shipment would be sold in public auction early next year. Alvarez said the sale of abandoned, seized, and forfeited cargoes is part of the non-traditional sources of revenue the bureau is starting to strengthen. — JE/VS, GMANews.TV