PHILIPPINE LAWS, STATUTES, CODES & ISSUANCES
PHILIPPINE LAWS, STATUTES AND CODES - CHAN ROBLES VIRTUAL LAW LIBRARY
PRESIDENTIAL DECREES
|
PRESIDENTIAL DECREE NO. 1522
- FURTHER AMENDING PRESIDENTIAL DECREE NO. 1352
|
| WHEREAS, it
is one of the country's declared policies to accelerate the development
of our mining resources and attract foreign capital in the mining
industry; NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines, by virtue of the powers vested in me by the Constitution, do hereby order and decree: Section 1.chanroblesnad Section 1 of Presidential Decree No. 1352 as amended by Presidential Decree No. 1359 is hereby further amended to read as follows: "Section 1.chanroblesnad All importations which are at present totally or partially exempt from customs duties and/or internal revenue tax under the provisions of any general or special law shall be subject to a five (5%) percent customs duty and five (5%) percent internal revenue tax, subject to the same limitations and conditions prescribed under such law, if any. "In the case of importations enjoying partial exemption, the said duty and tax shall be imposed on the exempt portion in addition to the duty and tax due on the taxable portion. "The duty and tax imposed herein shall be computed in accordance with the applicable provisions of the Tariff and Customs Code of the Philippines, as amended, and the National Internal Revenue Code of 1977, as amended, respectively. "The customs duty and internal revenue tax imposed under this section shall not apply to the following importations: "1.chanroblesnad Those which are exempt in pursuance of compliance with international treaties or commitments, such as the ADB-RP Host Agreement (1966); the 1947 Convention on Privileges and Immunities of the United States Agency for International Development-RP Agreement; the 1947 Military Bases Agreement; and other similar treaties or commitments; "2.chanroblesnad Those which are exempt under the following Presidential Decrees: "(a)chanroblesnad Presidential Decree No. 66; "(b)chanroblesnad Presidential Decree No. 87; "(c)chanroblesnad Presidential Decree No. 463; "(d)chanroblesnad Presidential Decree No. 529; "(e)chanroblesnad Presidential Decree No. 215; "(f)chanroblesnad Presidential Decree No. 666; and "(g)chanroblesnad Presidential Decree No. 972. "3.chanroblesnad Importations of machinery, equipment and spare parts shipped with such machinery and equipment made by enterprises registered with the appropriate government agency, on or before April 21, 1978, under any tax incentive law, subject to the following conditions: "(a)chanroblesnad That the importation has been authorized by the appropriate government agency for the prosecution of specific projects already approved by the said agency as of April 21, 1978; and "(b)chanroblesnad That the herein exemption shall not be authorized beyond December 31, 1981." Sec. 2.chanroblesnad This Decree shall take effect immediately. Done in the City of Manila, this 11th day of June, in the year of Our Lord, nineteen hundred and seventy-eight. |
Back to Main
Since 19.07.98.
