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PRESIDENTIAL DECREE NO. 924
PRESIDENTIAL DECREE NO. 924 -
AMENDING PRESIDENTIAL DECREE NUMBERED 791 BY GRANTING TAX EXEMPTION TO
IMPORTATION OF FARM MACHINERY, PLANT MACHINERY, EQUIPMENT AND SPARE
PARTS UNDER CERTAIN CONDITIONS
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WHEREAS,
Presidential Decree No. 791 provides exemption from the payment of
customs duties and compensating tax for importation of plant
machineries, spare parts and other equipment imported by any person,
partnership, company or corporations who or which is now engaged or
will engage in the business of manufacturing, milling, processing or
refining of sugar; and chanroblesvirtualawlibrary
WHEREAS, the cost of farm machinery has likewise correspondingly
increased the financial requirements of said persons;chanroblesvirtualawlibrary
NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines,
by virtue of the powers vested in me by the Constitution, do hereby
order and decree as follows:cralaw:red
Section 1. Section 2 of Presidential Decree No. 791
is hereby amended to read as follows:cralaw:red
"Sec. 2. The exemption under this Decree shall cover
only the importation of plant machinery, spare parts and other
equipment, including road-building equipment, sugarcane transport,
agricultural tractors and implements thereof, directly and actually
needed and to be used exclusively in the development of the factory
site and in the production, manufacture, milling, processing or
refining of sugar by the grantee of the exemption under this Decree, if
the shipping documents covering the importation are in the name of the
tax-exempt firms to whom the goods shall be delivered by the customs
authorities."
Section 2. Section 5 of the same Decree is hereby
amended to read as follows:cralaw:red
"Sec. 5. All acts, executive orders, administrative
orders or commission, rules and regulations or part thereof
inconsistent with any of the provisions of this Decree are hereby
repealed or modified accordingly.
"The Secretary of Finance shall issue the implementing rules and
regulations to carry out the provisions of this Decree." chanroblesvirtualawlibrary
Section 3. This Decree shall take effect immediately.
Done in the City of Manila,
this 23rd day of April, in the year of Our Lord, nineteen hundred and
seventy-six.
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