Aquino Raises Tax-Exempt Value of Balikbayan Box Items

Good news for overseas Filipino workers (OFWs). President Benigno Aquino III signed Republic Act No 10863 or the Customs Modernization and Tariff Act (CMTA) on Tuesday, May 31, which increases the tax-exempt value of items sent via balikbayan boxes by OFWs to their families back home. Under CMTA, the tax exemption ceiling is increased from P10,000 to P150,000, reports Rappler.