PHILIPPINE LAWS, STATUTES, CODES & ISSUANCES
PHILIPPINE LAWS, STATUTES AND CODES - CHAN ROBLES VIRTUAL LAW LIBRARY
REPUBLIC ACTS
REPUBLIC ACT NO. 1175 - AN
ACT AMENDING SECTIONS ONE AND TWO OF REPUBLIC ACT NUMBERED SIX HUNDRED
ONE, AS AMENDED |
(REPEALED BY REPUBLIC ACT NO. 1394) Section 1. Sections one and two of Republic Act Numbered Six hundred one, as amended, are further amended to read as follows: "Section 1.
Except as herein otherwise provided, there shall be assessed,
collected, and paid a special excise tax of seventeen per centum on the
value of the Philippine peso of foreign exchange sold and/or authorized
to be sold by the Central Bank of the Philippines or any of its agents
until June thirteenth, nineteen hundred and fifty-five.
"Sec. 2.
The tax provided for in section one of this Act shall not be collected
on foreign exchange used for the payment of the cost, transportation
and/or other charges incident to importation into the Philippines on
flour, canned milk, canned beef, canned fish, chocolate, malt,
stabilizer and flavors , vitamin concentrate; supplies and equipment
purchased directly by the Government or any of its instrumentalities,
for its own exclusive use; machinery, equipment, accessories, and spare
parts, for the use of industries, miners, mining enterprises, planters
and farmers; and fertilizers when imported by planters or farmers
directly or through their cooperatives; articles or containers used,
including materials for the manufacture of tin containers used by the
importer himself in the manufacture or preparation of local products
for consignment or export abroad; textbooks, reference books, and
supplementary readers approved by the Board on Textbooks and/or
established public or private educational institutions; paper imported
by publishers for their exclusive use in the publication of books,
pamphlets, magazines and newspapers; carbides, explosives and dynamite
for mining purposes; drugs, and medicines, and medical and hospital
supplies listed in the appendix of this Act; payment in respect of
reinsurance; spare parts to be used in the repair of vessels of
Philippine registry orrplanes and such other parts thereof as may be
certified by the Hulls and Boilers Division of the Bureau of Customs or
the Civil Aeronautics Administration, respectively, as essential to the
maintenance of vessels orrplanes payment of purchase price of vessels
or ships or any kind or nature intended for Philippine registry, ninety
per cent of the ownership of which belongs exclusively to Filipinos, or
charter fees ofrplanes and vessels of Philippine register; remittances
for payment of principal and interests of foreign loan contracted under
obligation of the Philippine Government or any of its
instrumentalities; payment of premiums by veterans on life insurance
policies under the Government or any of its instrumentalities; payment
of premiums and other amounts due by policyholders on life insurance
policies issued before December nine, nineteen hundred and forty-nine,
and payment of machinery and/or raw materials to be used by new and
necessary industries as determined in accordance with Republic Act
Numbered Thirty-five."
Sec. 2. This Act shall take effect upon its approval.cralaw Approved: June 18, 1954 |
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