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LETTER OF INSTRUCTIONS
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LETTER OF INSTRUCTIONS NO. 826 |
The Minister of Finance
The Governor, Central Bank of the Philippines
The Commissioner of Customs
In connection with the Second Recycling World Congress and Exhibition which will be held in Manila on March 18 to 24, 1979, the following instructions are hereby issued:
1.
Importation of equipment, goods and articles which will be used
exclusively in presentations/exhibits to be shown on the occasion of,
and connected with, the Second Recycling World Congress and Exhibition
shall, upon certification by and recommendation of the Minister,
National Science Development Board, be exempt from the payment of
customs duties, taxes and other assessments: Provided, That importation
of such equipment, goods and articles is not prohibited under existing
laws; Provided further, that such equipment, goods and articles are
re-exported within thirty (30) days after termination of the Congress
and Exhibition; Provided, finally, That the Minister of National
Science Development Board may, in meritorious cases, grant an extension
of not exceeding thirty (30) days to effect said re-exportation.
2. In the
event that any such imported equipment, goods and articles is sold or
otherwise disposed of to any person or entity other than a tax-exempt
individual or entity, all customs duties, taxes and other assessments
due thereon shall be levied, collected and paid. Disposition by sale or
otherwise, of such equipment, goods and articles shall be made through
the National Science Development Board.
3. Foreign
Exhibitors who shall sell or otherwise dispose of any equipment, goods
and articles imported pursuant to this Letter of Instructions shall be
entitled to repatriate the proceeds of the sale or other disposition,
minus customs duties, taxes and other assessment due thereon, at the
prevailing rate of exchange; Provided, That the amount to be
repatriated shall not at any time, exceed the ceiling prescribed by the
Central bank.
Done in the City of Manila, this 7th day of March, in the year of Our Lord, nineteen hundred and seventy-nine.
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