PHILIPPINE LAWS, STATUTES, CODES & ISSUANCES
PHILIPPINE LAWS, STATUTES AND CODES - CHAN ROBLES VIRTUAL LAW LIBRARY
REPUBLIC ACTS
REPUBLIC ACT NO. 814 - AN ACT TO
AMEND SECTION ONE, TWO AND FIVE AND TO REPEAL SECTION THREE AND FOUR OF
REPUBLIC ACT NUMBERED SIX HUNDRED AND ONE, OTHERWISE KNOWN AS THE
EXCHANGE TAX LAW |
(REPEALED BY REPUBLIC ACT NO. 1394) Section 1. Section one of Republic Act Numbered Six hundred and one is hereby 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 in 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 thirtieth, nineteen hundred and fifty-three: Provided, That
from July first, nineteen hundred and fifty-three until December thirty
first, nineteen hundred and fifty-three, the rate of said tax shall be
twelve and one-half per centum."
Sec. 2. Section two of Republic Act Numbered Six hundred and one is hereby amended to read as follows: "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 of
rice, flour, canned milk, cattle and beef, canned fish, soya beans,
butterfat, chocolate, malt, industrial starch, tapioca, stabilizer and
flavors, vitamin concentrate, fertilizer; supplies and equipment
purchased directly by or for the Armed Forces of the Philippines and
the Civil Aeronautics Administration as certified by the corresponding
Department heads; agricultural machineries and implements and their
spare parts and accessories; poultry feed; textbooks, reference books,
and supplementary readers approved by the Board on Textbooks and/or
established public or private educational institutions; newsprint
imported by or for publishers for use in the publication of books,
pamphlets, magazines and newspapers; book paper, book cloth, chip board
and other materials imported for the printing and binding of textbooks,
supplementary readers and reference books to be supplied to the
Government under contracts with the latter, the quantity thereof to be
certified by the Director of Printing; anesthetics, antibiotics,
vitamins, hormones, X-Ray films, laboratory reagents, biologicals,
dental supplies, and pharmaceutical drugs necessary for compounding
medicines; medical and hospital supplies listed in the appendix to this
Act, in quantities to be certified by the Director of Hospitals as
actually needed by the hospitals applying therefor; drugs and medicines
listed in the said appendix; and such other drugs and medicines as may
be certified by the Secretary of Health from time to time to promote
and protect the health of the people of the Philippines; articles or
containers used by the importer himself in the manufacture or
preparation of local products for consignment or export abroad; payment
in respect of reinsurance, payment in respect of marine and aviation
insurance, payment of expenses for the dry-docking and repair abroad of
vessels of Philippine register, and for the repair abroad ofrplanes of
Philippine register, and payment of purchase price or charter fees
ofrplanes and vessels of Philippine register and spare parts,
equipment, accessories ofrplanes and vessels of Philippine register:
Provided, That, before vessels are sent to be dry-docked abroad, an
estimate of the cost of dry-docking should be certified by the Hulls
and Boilers Division of the Bureau of Customs, or by a duly qualified
marine surveyor abroad and attested by the nearest Philippine Consular
official of the place where the dry-docking and/or repair is made, and
in case ofrplanes andrplane parts, the cost of such repairs and such
parts should be certified by the Civil Aeronautics Administration,
remittances for payment of living expenses of students studying abroad
not exceeding the equivalent of three hundred dollars per month, and
for payment of tuition and other school fees; payment of premiums by
veterans on life insurance policies under the Government of the United
States, payment of premiums and other amounts due by policyholders on
life insurance policies issued before December ninth, 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. 3. Sections three and four of Republic Act Numbered Six hundred and one are hereby completely repealed. Sec. 4. Section five of Republic Act Numbered Six hundred and one is hereby amended to read as follows: "Sec. 5. The
tax imposed under section one hereof shall be paid to the Central Bank
of the Philippines by the purchaser of the foreign exchange, and the
Central Bank of the Philippines and/or its agents shall not sell any
foreign exchange without the payment of the said tax. The monies
collected shall accrue to the General Fund in the National Treasury.
Sec. 5. Sections six, seven, eight, nine, and eleven of Republic Act Numbered Six hundred and one, are changed to sections four, five, six, seven, eight and nine respectively. Sec. 6. This Act shall take effect upon its approval. Approved: July 14, 1952 |
chanroblesvirtuallawlibrary