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PRESIDENTIAL DECREE NO. 413
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PRESIDENTIAL DECREE NO. 413 -
FURTHER AMENDING Section 190 OF THE NATIONAL INTERNAL REVENUE CODE, AS
AMENDED, EXEMPTING IMPORTATIONS OFRCRAFT FOR AGRICULTURAL PURPOSES,
SPARE PARTS AND ACCESSORIES THEREOF FROM COMPENSATING TAX
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WHEREAS, it
is necessary to further accelerate the development and exploitation of
our agricultural resources, increase our production and thereby enhance
considerably the economic development of the nation.
NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines by
virtue of the powers vested in me by the Constitution, do hereby amend
item (4) of the last paragraph of Section 190, of the National Internal
Revenue Code as amended, to wit: chanroblesvirtualawlibrary
Section 1. Item (4) of the last paragraph of Section
190, of Commonwealth Act No. 466, otherwise known as the National
Internal Revenue Code, is hereby amended further to read as follows:cralaw:red
"Sec. 190. Compensating Tax. —chanroblesvirtualawlibrary
The provisions of existing laws to the contrary notwithstanding,
exemption from this tax shall be limited to the following:cralaw:red
4. Machineries, equipment, tools for production,
plants to convert mineral ores into saleable form, spare parts,
supplies, materials, accessories, explosives, chemicals, and
transportation and communication facilities imported by and for the use
of new mines and old mines which resume operations, when certified to
as such by the Secretary of Agriculture and Natural Resources upon the
recommendation of the Director of Mines, when certified to as such by
the Secretary of Agriculture and Natural Resources, for a period ending
five (5) years from the first date of actual commercial production of
saleable mineral products; Provided, that such articles are not locally
available in reasonable quantity, quality and price and are necessary
or incidental in the proper operation of the mine; andrcrafts imported
by agro-industrial companies to be used by them in their agricultural
and industrial operations or activities, spare parts and accessories
thereof. chanroblesvirtualawlibrary
Section 2. All laws, decrees, orders, rules and
regulations inconsistent herewith are hereby repealed and/or modified
accordingly.
Section 3. This Decree is hereby made part of the law
of the land and shall take effect immediately.
Done in the City of Manila,
this 15th day of March, in the year of Our Lord, nineteen hundred and
seventy-four.
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