A
collection of Philippine laws, statutes and codes
not
included or cited in the main
indices
of
the
Chan Robles Virtual Law Library
PRESIDENTIAL DECREE NO. 529
PRESIDENTIAL DECREE NO. 529 -
GRANTING TO PETROLEUM EXPLORATION CONCESSIONAIRES UNDER THE PETROLEUM
ACT OF 1949 EXEMPTION FROM CUSTOMS DUTY AND COMPENSATING TAX ON
IMPORTATIONS OF MACHINERY AND EQUIPMENT, SPARE PARTS AND MATERIALS
REQUIRED FOR THEIR EXPLORATION OPERATIONS
|
chanroblesvirtualawlibrary
WHEREAS, in
line with the policy of the government to promote and hasten the
discovery and development of the country's indigenous petroleum
resources, adequate incentives are granted to those who are engaged or
will engage in the search and exploration of oil in this country; chanroblesvirtualawlibrary
WHEREAS, under Presidential Decree No. 87, contractors entering into
service contracts for petroleum exploration and development with the
government are allowed exemption from payment of customs duty and
compensating tax on imported machinery, equipment and other materials
used in their exploration activities; chanroblesvirtualawlibrary
WHEREAS, to further bolster domestic petroleum exploration, it is
desirable that similar duty/tax exemption should also be given to
holders of petroleum exploration concessions under Republic Act No. 387
otherwise known as the Petroleum Act of 1949;chanroblesvirtualawlibrary
NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines,
by virtue of the powers vested in me by the Constitution, do hereby
decree and order that petroleum exploration concessionaires under
Republic Act No. 387, also known as the Petroleum Act of 1949 be
exempted from the payment of customs duty and compensating tax on
importations of machinery and equipment, spare parts and materials
required for petroleum exploration operations subject to the conditions
that said machinery equipment, spare parts and materials of comparable
price and quality are not manufactured domestically; are directly and
actually needed and will be used exclusively by the concessionaire in
its operations or in operations for it by a contractor or a
subcontractor; are covered by shipping documents in the name of the
concessionaire to whom the shipment will be delivered direct by the
customs authorities; and the prior approval of the Petroleum Board was
obtained by the concessionaire before the importation of such
machinery, equipment, spare parts and materials which approval shall
not be unreasonably withheld: Provided, however, That the
concessionaire or its contractor or subcontractor may not sell,
transfer, export or otherwise dispose of these machinery, equipment,
spare parts and materials without the prior approval of the Petroleum
Board and payment of duties and taxes due to the Government: Provided,
further, That should the concessionaire or its contractor or
subcontractor sell, transfer, export or dispose of these machinery,
equipment, spare parts or materials without prior consent of the
Petroleum Board, it shall pay twice the amount of the tax exemption
granted; Provided, finally, That the Petroleum Board shall allow and
approve the sale, transfer, or disposition of the said items without
tax if made (1) to another concessionaire or contractor under
Presidential Decree No. 87; (2) for reasons of technical obsolescence;
or (3) for purposes of replacement to improve and/or expand the
operations of the contract; chanroblesvirtualawlibrary
All laws, or provisions of law, rules, orders or regulations
inconsistent herewith are hereby repealed or modified accordingly.
This Decree shall take effect immediately.
Done in the City of Manila,
this 6th day of August, in the year of Our Lord, nineteen hundred and
seventy-four.
|
Back
to Home
- Back
to Main
chanroblesvirtuallawlibrary
Since 19.07.98
|