Category: Importer of Record Philippines

Cross-border shipping into and out of the Philippines often involves strict documentation requirements, shifting regulations, and multiple coordination points. Many businesses find it challenging to manage these layers while keeping shipments on schedule and fully compliant with local rules.

To support businesses dealing with these requirements, Excelsior works closely with companies handling international trade through structured import and export coordination. Recognized as a leading importer of record and exporter of record in the Philippines, we manage compliance and logistics processes in a way that makes shipments move through customs and deliveries with fewer interruptions.

In this blog, you’ll gain insight into:

• The role of IOR and EOR services
• What defines a reliable logistics and compliance partner like Excelsior
• Key traits of a strong IOR and EOR specialist
• How local expertise helps improve international shipment flow

IOR and EOR in International Trade

Importer of Records (IOR) and Exporter of Records (EOR) services cover the legal and operational responsibilities required when moving goods across borders, with IOR covering import compliance at the destination and EOR handling export compliance at the origin.

Without structured support, shipments often face delays caused by incomplete filings or unclear import and export responsibilities. Excelsior works with clients to align documentation and compliance steps early in the process, helping keep each shipment on track through customs and delivery. 

What We Handle in IOR and EOR

Our approach focuses on the core responsibilities needed for smooth international movement:

• Customs documentation preparation and filing
• Duty and tax coordination aligned with regulations
• Import and export declaration handling
• Shipment release coordination with customs authorities

What Defines a Strong IOR and EOR Partner

A reliable IOR and EOR provider must operate with both technical accuracy and practical coordination across shipping stages. In our experience handling international logistics, consistency in compliance and communication remains essential for stable operations.

Excelsior works within these requirements to support businesses that need structured cross-border movement.

Key Qualities Businesses Should Expect

• Regulatory understanding. Strong knowledge of Philippine customs rules and import-export policies helps ensure compliance throughout the shipment process.
• Licensed customs broker access. Assistance from a licensed customs broker is needed to properly handle clearance requirements and regulatory filings.
• Operational coordination. There should be alignment of import, export, and delivery processes across all stages to keep shipments moving without gaps.
• Clear communication flow. Consistent updates are provided across shipment milestones to maintain visibility and coordination. 
• Special handling capability. Support for complex cargo that may require additional care, including white-glove delivery in the Philippines. 

How Excelsior Supports International Shipments

International logistics requires coordination between documentation, customs processing, and final delivery. Our team manages these moving parts through a structured workflow that reduces gaps between each stage.

We also coordinate closely with local authorities and logistics partners so shipments progress through the system with fewer interruptions once they enter the country.

Excelsior’s Core Support Areas

• Import and export coordination from start to finish
• Customs documentation preparation and review
• Freight movement and delivery arrangement
• Coordination with Philippine regulatory offices
• Specialized handling services, including white-glove delivery when required

Why Local IOR and EOR Support Matters

International businesses often face challenges when handling Philippine import and export requirements without local coordination. Further, differences in documentation standards and clearance procedures can create delays that affect overall delivery timelines.

Working with our team helps align each step of the process with actual customs practices in the Philippines, reducing avoidable issues during clearance and release.

Practical Advantages of Excelsior 

These advantages translate into smoother shipment flow, fewer disruptions, and more control over cross-border movement in the Philippines. We deliver:

• Faster coordination with customs procedures
• Fewer documentation-related delays
• Better alignment with the Philippine import requirements
• More stable handling of IOR requirements
• Improved predictability in shipment movement

Get End-to-End Shipment Support with Excelsior 

Reliable international shipping depends on more than transport alone. It requires accurate compliance handling, structured coordination, and consistent oversight from import to final delivery.

At Excelsior, our team supports businesses through end-to-end IOR and EOR solutions designed for Philippine trade requirements. 

If you need more reliable control over international shipments, get in touch with Excelsior today to streamline coordination from customs clearance to final delivery. 

Frequently Asked Questions

What industries typically rely on IOR and EOR services?

IOR and EOR services are commonly used by industries such as IT, healthcare, manufacturing, and retail. These sectors often deal with cross-border shipments that require strict compliance and accurate documentation.

How early should IOR or EOR services be arranged before shipment?

It is best to arrange IOR or EOR support before the shipment is dispatched. Early coordination helps avoid delays at customs and allows documentation to be prepared in advance.

Can a single provider handle both import and export requirements?

Yes, some logistics providers manage both IOR and EOR functions under one system. This helps create a more consistent process across different stages of international shipping.

What risks can occur without proper IOR or EOR support?

Without proper support, shipments may face clearance delays, incorrect filings, or even holds at customs. These issues can affect delivery timelines and increase operational costs.

Expanding into a new market offers strong growth potential, but even minor compliance errors can disrupt shipments and timelines. For foreign companies entering the Philippines, understanding import regulations is just as important as securing customers.

An Importer of Record (IOR) serves as the legally recognized entity responsible for ensuring goods comply with local laws and customs standards. By partnering with providers of importer of record services in the Philippines, foreign businesses can enter the market confidently while minimizing operational and regulatory risks.

By reading this blog, you will understand how a Philippine-based Importer of Record helps foreign companies stay compliant, reduce risks, and ensure smooth shipment entry.

You will learn:

• The role of an Importer of Record
• How the local IOR system ensures regulatory compliance
• Why meeting import requirements before shipment arrival matters
• The value of brokerage support and freight coordination

What Is an Importer of Record?

An IOR is the official party accountable for declaring imported goods, settling duties and taxes, and ensuring regulatory compliance. Without qualified IOR, foreign companies cannot legally import products into the country.

Beyond documentation, the IOR verifies product classifications, customs valuation, and regulatory permits before shipments arrive. Meeting all IOR requirements in advance also helps prevent delays, penalties, and costly shipment holds.

Core Responsibilities of an IOR

To better understand their impact, here are the primary functions an IOR manages:

• Customs Documentation and Declarations. The IOR prepares and files all required paperwork with customs authorities. Accurate submission reduces the risk of inspection delays and protects shipments from clearance issues.
• Tax and Duty Settlement. Proper computation and payment of duties and value-added tax are essential for legal entry. The IOR is the one checking financial compliance, preventing disputes or unexpected charges.
• Regulatory Coordination and Permits. Certain goods require clearances from government agencies before release. An experienced IOR secures these approvals early to maintain a smooth import process.

Understanding IOR in the Philippines

Operating with an IOR in the Philippines requires strict adherence to regulations set by the Bureau of Customs and other governing bodies. Only accredited entities are authorized to act as the importer for inbound shipments.

Foreign companies without a local presence often struggle to meet registration and compliance standards. A Philippine-based IOR bridges this gap by providing immediate legal representation and established regulatory expertise.

The Value of Local Expertise

The Philippine import environment involves detailed procedures that vary depending on product type and port location. A local team understands documentation expectations, inspection protocols, and processing timelines.

Collaboration with a licensed customs brokerage company further strengthens compliance. Brokers facilitate communication with customs officers and coordinate release procedures, helping shipments move efficiently through ports.

Why Foreign Companies Benefit from a Philippine-Based IOR

For companies expanding internationally, regulatory unfamiliarity can slow growth and increase risk exposure. Engaging a Philippine-based IOR provides both legal assurance and operational efficiency.

Here are the key advantages foreign businesses can gain:

• Streamlined Customs Clearance. Local expertise maintains documentation accuracy and proactive compliance management. This reduces clearance delays and keeps supply chains on schedule.
• Lower Legal and Financial Exposure. Meeting all applicable IOR requirements protects businesses from fines, shipment seizures, and regulatory complications. 
• Integrated Freight Coordination. Many providers also manage logistics freight in the Philippines, aligning transportation with customs clearance timelines. This integrated approach improves visibility and simplifies end-to-end shipment management.
• No Immediate Need for Local Incorporation. Establishing a Philippine entity can be time-intensive and resource-heavy. A local IOR allows companies to import legally without undergoing complex business registration procedures.

Frequently Asked Questions

Do I need to establish a Philippine company before importing?

Not necessarily. A Philippine-based IOR can legally represent your shipment, allowing you to import without forming a local corporation.

Can an IOR handle specialized or regulated goods?

Yes, but additional permits may be required depending on the product category. It is important to confirm compliance obligations before shipment.

How much control do I retain over my shipment when using an IOR?

You remain the product owner, while the IOR manages compliance and documentation responsibilities. This structure ensures both oversight and legal alignment.

What happens if customs question my shipment?

The IOR and brokerage team coordinate directly with authorities to address concerns. Their local expertise helps resolve issues efficiently and professionally.

Is an IOR only needed for large-scale imports?

No. Even smaller or project-based shipments may require a registered importer to ensure lawful entry into the Philippines.

Streamline Your Philippine Imports With Excelsior

Entering the Philippine market doesn’t have to be complicated. With the right partner, you can stay fully compliant while your shipments move quickly and efficiently through customs. Excelsior Philippines specializes in simplifying imports for foreign businesses. Our expert team handles all compliance, documentation, and customs coordination, backed by seamless freight management. This guarantees your goods arrive legally and on time, letting you focus on growing your business without logistics headaches.

Importing goods into the Philippines involves critical steps, including customs compliance, documentation, and payment of duties. For companies without a local presence, an Importer of Record (IOR) in Manila, Philippines, ensures shipments meet these legal requirements to clear customs efficiently. These services also clarify who is responsible for duties, taxes, and regulatory compliance throughout the import process.

While often associated with the consignee, the IOR is legally responsible for the shipment from arrival to release. They guarantee that all customs obligations are properly managed, reducing the risk of delays, fines, or compliance issues.

What Does an IOR Do?

Importer of Record services in the Philippines offer more than basic compliance but practical support that keeps shipments moving smoothly. By centralizing responsibility, these services improve operational efficiency in shipping and provide guidance on adapting to logistics’ regulatory changes.

Here are some key areas covered by IOR services:

• Customs Declarations. The IOR prepares and submits accurate entry documents, such as commercial invoices, packing lists, and bills of lading. Proper documentation enables customs to verify shipment details without interruptions.
• Payment of Duties and Taxes. Fees are handled by the IOR on behalf of the importer, preventing penalties or shipment holds that could impact delivery schedules.
• Permit and License Management. The IOR ensures permits and licenses are secured before shipment arrival. This includes the Food and Drug Administration (FDA) for health-related products, the National Telecommunications Commission (NTC) for electronic and communication devices, and the Department of Trade and Industry (DTI) for trade and commercial compliance.
• Document Organization and Review. All paperwork is maintained and reviewed by the IOR to reduce errors. Hence, customs receives complete and accurate information, making the process quick and efficient.
• Regulatory Guidance. The IOR advises on local customs requirements, helping importers comply consistently and avoid legal complications.

Who Can Act as an IOR?

In the Philippines, only a legally recognized entity can act as an IOR to manage all customs responsibilities. Companies without a local presence can engage a qualified third-party service or a logistics solutions provider that offers IOR services. 

A freight forwarder as Importer of Record may also assume this role if properly authorized and willing to take responsibility for documentation, compliance, and duty payments. Selecting a competent and experienced IOR should always be a company’s goal to minimize risks and ensure shipments pass through customs smoothly without unnecessary delays.

How Businesses Benefit from IOR Services

Beyond compliance and documentation, an IOR in the Philippines provides several advantages:

• Time Savings. Delegating customs management to an experienced IOR frees up internal resources that would otherwise handle regulatory requirements.
• Reduced Risk of Penalties. An IOR can help in accurate filings, duty payments, and permit management that can lower the chance of fines or shipment holds.
• Cost Clarity. IOR services give visibility into duties, taxes, and regulatory fees, helping businesses plan import costs accurately.
• Operational Focus. With an IOR managing customs and compliance, businesses can focus on logistics, sales, and other core operations.

Frequently Asked Questions

What types of goods require special IOR handling?

Regulated products such as pharmaceuticals, food and beverages, and electronics often need permits or additional documentation to comply with Philippine laws.

Can an IOR manage multiple shipments for the same importer?

Yes, a qualified IOR can handle recurring shipments for more consistent compliance across all deliveries.

Does hiring an IOR reduce customs penalties?

A registered IOR guarantees accurate documentation and duty payment. Definitely, they help in lowering the risk of fines or delays during shipping.

Get Reliable Imports With Expert IOR Support

Working with a qualified IOR ensures that shipments meet all customs regulations, duties are accurately managed, and documentation is well-prepared. This support gives businesses, regardless of size, the confidence that their imports and shipments will proceed efficiently and securely towards the destination.At Excelsior Philippines, we provide comprehensive logistics solutions that manage every step of the import process. As a trusted logistics company in the Philippines, we handle compliance, coordination, and operational oversight so businesses like you can focus on core activities while keeping your shipments running smoothly.

Importing goods into the Philippines involves a structured customs process governed by strict regulatory standards. Beyond arranging transportation, every shipment must be supported by a legally accountable entity commonly referred to as the Importer of Record (IOR), which ensures compliance with customs laws. 

For businesses planning to enter the Philippine market, understanding importer of records in Manila, Philippines requirements is a key step toward avoiding clearance delays, penalties, or shipment holds.

Because the IOR carries legal accountability for the shipment, Philippine customs authorities assess import entries based on the accuracy and completeness of the information submitted under this designation. 

As goods move through customs, documentation, registration, and regulatory approvals are reviewed closely, particularly when responsibilities between the importer and the consignee are unclear. This makes proper IOR designation and compliance a central factor in how smoothly shipments are cleared.

What Is an IOR?

The IOR is the party officially registered with the Bureau of Customs (BOC) and recognized as legally responsible for an import shipment. 

While the role itself is not operational in nature, it serves as the primary reference point for customs authorities when reviewing declarations, assessing duties and taxes, and conducting audits.

This designation is often misunderstood, particularly in shipments involving freight forwarders or third-party providers. Confusion usually arises when responsibilities overlap or are incorrectly assigned, which can complicate customs clearance and increase compliance risks.

Core IOR Requirements in the Philippines

Philippine import regulations outline specific conditions that an entity must meet to act as an IOR. These requirements are needed to promote transparency and proper revenue collection:

1. Registration and Accreditation With the Bureau of Customs

Any entity acting as an IOR must be registered with the BOC. Regular importers are required to complete formal accreditation, while those importing infrequently may qualify as non-regular importers. Without this registration, shipments cannot proceed to customs clearance, regardless of complete documents.

2. Accurate and Complete Customs Documentation

Once registered, the IOR is responsible for ensuring that all customs documents are consistent and accurate. In practice, inconsistencies in these documents may trigger inspections or clearance delays. These documents include:

• Commercial invoices with correct declared values
• Packing lists and clear product descriptions
• Bills of Lading or Airway Bills
• Proper HS code classification

3. Payment of Duties, Taxes, and Fees

Following documentation review, the IOR must settle all applicable customs duties, value-added tax (VAT), and government fees. Errors in valuation or classification may lead to reassessment or penalties, particularly during post-entry reviews.

4. Regulatory Permits and Agency Clearances

Aside from customs requirements, certain goods need approvals from regulatory agencies such as the Food and Drug Administration (FDA) or National Telecommunications Commission (NTC). 

The IOR must comply and obtain these permits before importation. Without valid clearances, shipments may be placed on hold even if duties have already been paid.

5. Record Keeping and Compliance Audits

Beyond clearance, compliance obligations are also needed. Under the Customs Modernization and Tariff Act (RA 10863), importers must retain import records for at least three years. These records must be readily accessible during audits or verification checks, emphasizing the importance of effective documentation management.

Common Compliance Challenges

Despite clearly defined import regulations, businesses new to Philippine trade may still encounter compliance challenges, especially when managing documentation and regulatory requirements for the first time. These issues arise from unfamiliarity with local customs procedures or improper assignment of responsibilities during shipment planning:

• Incomplete or outdated BOC accreditation. This can prevent shipments from moving forward to customs clearance.
• Missing or incorrect regulatory permits. Goods subject to agency approval may be placed on hold without valid clearances.
• Inaccurate customs documentation. Issues such as mismatched invoice values or incorrect HS code classification may trigger inspections.
• Incorrect role designation. Confusion between the importer, consignee, and other parties involved in the shipment can create compliance gaps.
• Poor documentation management. This makes it difficult to respond to customs verification or post-entry audits.

When left unaddressed, these issues can lead to shipment delays, penalties, or the suspension of import privileges. 

In logistics freight in the Philippines, addressing IOR compliance early in the planning stage helps reduce these risks, supports smoother customs processing, and ensures shipments move efficiently through customs controls.

How a Logistics Company in the Philippines Can Help

Meeting IOR requirements in the Philippines requires local regulatory knowledge and consistent coordination with customs authorities. Hence, teaming up with a logistics company can benefit importers seeking to operate efficiently in the Philippine market. 

A qualified provider can serve as your IOR, assuming the legal and compliance responsibilities for shipments entering the country. As a trusted name in the logistics industry, Excelsior Philippines helps businesses navigate Philippine import regulations with confidence. 

With the right expertise in place, you can remain compliant with Philippine import requirements while shipments move smoothly through customs and arrive legally and on time.

Starting an import and export business is one thing; knowing how to grow it from the ground up is another. It is true that this line of business can be so rewarding. But just like any other venture, import/export also requires you to effectively move within the intricacies of its internal and external environment.

For the most enlightened part of the import and export business, having the right idea, the right amount of capital, and the right tools and knowledge are the three basic components of success. Given that you have already established the import-export business you wanted to pursue, the next thing that you should do next is to learn how to grow your business in a smart way.

In this post, we will discuss the top five tips to keep your import-export business running and thriving in 2017 and beyond.

1. Build Relationship

Perhaps the most obvious one. While the success of a business relies on relationship – whether with suppliers or customers – not all business owner knows this. If you are just starting out in your import-export business, then you should make networking with people in the countries you wish to export to one of your top priorities.

You can make use of social networking sites such as LinkedIn to help you with this task. It is a great place where many business owners engage with each other these days, as it allows you to expand your network and build a reputable name for your brand.

Also, while it is important to build a relationship with your suppliers, clients, and your own employees, you must not forget about those helping you with the logistics of your import-export business – your freight forwarder. If you don’t have a freight forwarder you trust, Excelsior Worldwide Freight Logistics Corp. is ready to be your partner and use our years of experience in importing and exporting to help you.

2. Keep Your Business Organized

In any kind of business, efficiency and organization and management are a must to ensure that all the company’s resources are maximized and help you reach your desired goals. This is especially true in the import and export industry, where you will most likely deal with different trading partners from different regions.

To keep your business organized and make sure you don’t get lost on track with your international dealings, make sure to use online tools to your advantage. This could range from to-do apps such as Trello, Evernote, and Wunderlist, to online invoicing platforms such as Due, Sighted and Invoicera. The advantage of using an online invoicing service over email is that it keeps all your payments administration and communication in one place, plus it allows you to work collaboratively with your clients despite geographical constraints.

3. But Keep It Flexible

Dealing with different clients and suppliers around the world also mean encountering and managing different cultures and preferences in doing business and completing transactions. It is important to keep your business adaptable and to work with your clients regarding their preferred modes of delivery and payment options. Doing so will allow you to build a stronger relationship with your clients which is essential to your business’s success.

4. Ensure a Healthy Cash Flow

Just as important as an organized business is an efficient cash flow. Even if you know to yourself that you are perfectly profitable and have a number of pending payments and potential clients in the pipeline, it is still good to have a solid pool of working capital at hand to help your business manage cost when payments get delayed for any reason.

If you are exporting, you may consider asking your clients to pay at least half of the payment first before sending a lot of high-value product. Remember: facilitating a payment of an invoice, we take on all the risk of late payment – or worst, non-payment of that transaction.

5. Consider Improving Instead of Expanding

While most busin ess people would want to expand their business to different regions, this is not the smartest thing to do for most of the time. If you export to China, there is nothing wrong with wanting to export to New Zealand, Japan, and European countries too. But as you spread your operations to those other countries, you must consider if your current business model can provide the same service you were giving to your clients in China.

Focusing in on how you can further improve the services you provide to your current customers and how you can be more effective in a region to which you already export can be much more profitable than exporting to a new region. Focus on what you do best first in order to ensure that your business is standing on a very strong foundation. This will result in expanding your client base in a region which you currently serve, and makes exporting to other regions much easier.

As the old adage goes: “Growth is never by mere chance; it is the result of forces working together”. To ensure that all your efforts will come to fruition, you must know how to steer your organization – from the employees up to top-level executive – towards a common a goal. Make sure to consider these tips and you will surely propel your import and export business forward into success.

Need a helping hand on starting your import and export business today? Contact Excelsior Worldwide Freight Logistics Corp. and let us help you on your journey in the import-export industry in 2017 and beyond. Call us at (+632) 525-9775 or email us at wecare@excelsior.ph

In our recent blog, we have talked about the latest business ideas that you should consider if you are planning to start an import and export business in the Philippines in 2026. As we have discussed, establishing an international trading business in the Philippines is a good idea because it allows you to take advantage of the most in-demand products from all over the world and earn above-average profit from it.

Given that you already have a specific product in mind that you want to import or export, the next step you need to take is to learn how to set up an import and export business properly. In this post, we will discuss a simple guide that will help you jumpstart on your international trading business today.

1. Types of Import/Export Business

There are different variations of this business, which includes the following:

• Export Management Company (EMC) – Handles export operations for a domestic company that wants to sell its product overseas but doesn’t have the technical know-how or doesn’t have the resources to conduct the operation in-house.

• Export Trading Company (ETC) – Identifies the in-demand products in a foreign market and then hunts down domestic sources willing to export such products.

• Import/Export Merchant – More of like a freelance agent who purchases goods directly from a domestic or foreign manufacturer and then packs, ships and resells the goods on his own.

2. Know the Top Trading Partners of the Philippines

Below is a list of the top 5 countries with which Philippines trades (in order of largest import and export dollars to smallest) are:

• Japan

• United States

• China

• Hong Kong, China

• Singapore

You didn’t have to secure trade deals with importers and exporters in these countries since there are other emerging markets in other countries like in Europe and the Middle East. But as a beginner in the industry, you should familiarize yourself with the biggest trading partners and see what they have to offer.

3. Develop a Comprehensive Business Plan

A comprehensive business plan is essential for every starting business. A business plan describes what you plan to do and how you plan to do it. It should include the following:

• Your business structure, industry, the product or service you specialize in.

• Start-up cost, income and billing, operations structure, budget forecast.

• Your target market; their demographics, buying motives and your plan to win them.

• Your projected income and cash flow statement, balance sheet and other financial ratios.

4. Make Your Business Legal

After you developed a business plan, you will need to register your new business with the Department of Trade and Industry if it’s a sole proprietorship, and to Securities and Exchange Commission (SEC) if it is a partnership or corporation. You will also need various types of licenses depending on the types of products you will be importing and/or exporting. You will also need to register with the city or the municipality where you intend to operate the business as well as with the Bureau of Internal Revenue (BIR).

5. Coordinate with Other Local Start-ups

As a beginner in the international trading scene, it is wise if you talk to other business owners who are already running a startup venture in the Philippines. They can give some useful advice on how to react to the challenges you will be facing as you take the first steps in your business, and even some practical tips on where to find a good source of suppliers for your products.

6. Find a Reliable and Trustworthy Freight Forwarding Firm

One of the most crucial, yet often overlooked decision when it comes starting an import and export business is choosing the right freight forwarding partner. A reliable and honest freight forwarding company provide significant advantages that will not only help you gain a competitive edge but also ensures that all your import and export transactions are done legally, ethically, on budget and on time.

These are just some the basic steps that you should consider when starting an import and export business here in the Philippines. Follow these tips and you can certainly start your very own business that can literally take you all over the world today.

Need a helping hand on starting your import and export business today? Contact Excelsior Worldwide Freight Logistics Corp. today and let us help you on your journey in the import-export industry in 2026 and beyond. Call us at (+632) 525-9775 or email us at wecare@excelsior.ph.

In the importing industry, paying the right customs duties and taxes does not only ensure a smooth flow of importation but also saves you from a lot of headaches in the long run. Going back to the basics, all goods coming from a foreign country needs to be declared, such as their description, quantity, and their value which will be the basis for assessment of duties and taxes.

Import duty can also be ad valorem – based on the value of the goods, or specific – based on weight, dimensions, or other units of measure. In the Philippines, the dutiable value of a cargo is the sum of the actual value of the goods, plus the insurance and transport/freight/shipping cost. It will then be multiplied by the rate of duty which may vary according to the type of goods being shipped.

To arrive at Value Added Tax, the dutiable value is combined with customs duty, brokerage fee, and other charges (customs documentary stamp, import processing fee, and BIR documentary stamp) then multiplied to 12% Expanded Value Added Tax rate.

Cutting off the chase, what really are the benefits of paying the correct customs duty and tax? In this post, we will discuss the reasons why paying the correct customs duty and taxes is not only beneficial to you and your business but to the society as well.

Peace of Mind

Being reviewed by the Bureau of Customs may cause a high amount of stress, especially to a taxpayer who intentionally or illegally decreases their tax payments. Sometimes it can affect even your personal life, which gives you sleepless nights and anxiety.

If you pay the right amount of tax, you can eliminate these stress and anxieties. You will have more peace of mind and you can focus on growing your business.

Honest Income Tax Return

Some importers, who do not file the correct amount of tax, encounters a problem when they need to generate an Income Tax Return for purposes of loan applications. As such, they resort to preparing inaccurate income tax returns in order to produce the said requirements. Producing an inaccurate tax return is extremely risky because if the agency verifies it to the BIR, it might cause a lot of trouble.

However, if you are diligently filing and paying the right amount of tax, it’s easy to produce accurate income tax return without any risk.

Good Investor Reputation

To grow your business, at some point, you will need people or institutions with money that are willing to invest in your company. These investors will aspect into your financial and tax records to support their investment decisions.

Maintaining a truthful and accurate accounting and tax records will boost the confidence of investors. On the other hand, fraudulent and inaccurate will create an impression that the company is not trustworthy to invest with.

Social Responsibility and Contribution to the Country

Paying the right amount of duty and tax is a social responsibility to the country. The duties we pay from importing goods has the purpose of protecting our country’s economy, residents, local jobs, environment, and so on. The taxes we pay will go to the government funds that will be used in developing and improving the government facilities and life of our countrymen, inside and outside our country.

Overall, as a responsible importer, paying the correct customs duty and tax will ultimately benefit your business as it will make your name more credible in the eyes of the authorities, to your stakeholders, and ultimately, to your clients.

Let Excelsior Worldwide Freight Logistics Corp. help you throughout the whole importing and exporting process. Call us at (+632) 525-9775 or email us at wecare@excelsior.ph.