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PRESIDENTIAL DECREE NO. 1853
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PRESIDENTIAL DECREE NO. 1853 -
REQUIRING DEPOSITS OF DUTIES AT THE TIME OF OPENING OF LETTERS OF
CREDIT COVERING IMPORTS AND FOR OTHER PURPOSES
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WHEREAS,
the present system of paying duties and taxes upon the filing of an
import entry and examination and appraisal of the shipment has proved
ineffective in the proper enforcement of the provisions of the Tariff
and Customs Code of 1978, as amended, and has enhanced collusion among
importers and brokers on the one hand and customs officials on the
other;chanroblesvirtualawlibrary
WHEREAS, outright and technical smuggling has reached proportions which
are prejudicial to the revenue collection efforts of the Government;
and
WHEREAS, the present situation requires the Government to adopt more
drastic measures to remedy the same;chanroblesvirtualawlibrary
NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Republic of
the Philippines, by virtue of the powers vested in me by the
Constitution, do hereby order and decree, to be part of the laws of the
land, the following:cralaw:red
Section 1. Provisions of existing law and regulations
to the contrary notwithstanding, no financial institution shall open
any letter of credit covering imports unless the applicant for such
letter of credit deposits the full amount of duties due on the
importation.
Section 2. The amount of the duties due shall be
based on the declaration of the applicant for the letter of
credit/importer, subject to the penalties prescribed under Sec. 2503 of
the Tariff and Customs Code of 1978, as amended. chanroblesvirtualawlibrary
Section 3. The provisions of this Decree shall
likewise apply even if the importation is effected under other types of
payments arrangements or on a deferred payment basis.
Section 4. The deposits collected hereunder shall be
remitted by the financial institution concerned in the manner and
within the period prescribed by law and subject to the same penalties
prescribed for remittance of duties and taxes paid through financial
institutions.
Section 5. Such deposits shall be validated by
official receipts of the financial institution concerned and shall be
credited in the final computation of the duties, taxes and other
charges due on the importation, upon the filing of the corresponding
import entry.
Section 6. Any deficiency in the deposit made as
against the actual duties, taxes and other charges due on the
importation shall be collected from the importer prior to the release
or withdrawal of the shipment. Any excess deposit shall be refunded to
the importer.
Section 7. Violations of the provisions of this
Decree shall be penalized under the pertinent provisions of the Tariff
and Customs Code of 1978, as amended, and/or the Charter of the Central
Bank of the Philippines. chanroblesvirtualawlibrary
Section 8. The monetary Board and the Minister of
Finance shall issue the necessary rules and regulations for the
implementation of this Decree.
Section 9. This Decree shall take effect January 1,
1983.
DONE in the City of Manila this
21st day of December, in the year of our Lord, nineteen hundred and
eighty-two.
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