(NAR) VOL. 7 NO. 3 / JULY-SEPTEMBER 1996
1.1 Where the total duties and taxes payable per the Import Entry and Internal Revenue Declaration (IEIRD) is greater or equal to the advance deposit as per IED, the full amount of advance deposit must already be applied.2.0 Insuring Full/Maximum Utilization of Advance Duties in Certificate of Balance.
1.2 Where the total duties and taxes payable per IEIRD is less than the advance duty paid per IED, the total duties and taxes payable must be paid fully charged to the advance deposit.
2.1 When an amount will still be paid to the bankThis Order which is effective immediately shall be considered as an addendum to CMO 25-95.
In cases where the remaining balance on the COB is not sufficient to cover the total amount payable such that an additional amount needs to be paid to the bank, it shall be the responsibility of the AAB to demand presentation of the COB and insure that the amount in the COB is fully utilized as in 1.1 or 1.2 and to accept additional payment only for the portion that cannot be covered by the COB.
2.2 The EEC/EPU for entries covered by COB's must accept for processing only those where the COB has been fully/maximally utilized as 2.1 above.
2.3 The Chief Cash Division of the issuing port in issuing the indorsement for the acceptance of the entry as in 2.2 must also insure full/maximum utilization of the COB.