Aug 6, 2010

Why declare rice as mung beans?

Two Philippine companies, Plum Blossom Import-Export Food Corp. and Full Story Source Marketing were apparently importing rice from Vietnam and Thailand but misdeclaring it as mung beans to a corrupt customs agent. Why?  White rice imports require an import license from the National Food Authority and are subject to a 50% duty and 12% VAT. Mung beans, meanwhile, are zero-rated in both customs duties and VAT under the ASEAN Free Trade Agreement...

Source: Philippines Daily Inquirer

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