Sponsored by: The ChanRobles Group A collection of Philippine laws, statutes and codes not included or cited in the main indices of the Chan Robles Virtual Law Library. This page features the full text of Republic Act No. 7369 AN ACT GRANTING TAX AND DUTY EXEMPTION AND TAX CREDIT ON CAPITAL EQUIPMENT REPUBLIC ACT NO. 7369 AN ACT GRANTING TAX AND DUTY EXEMPTION AND TAX CREDIT ON CAPITAL EQUIPMENT
Section
1. Paragraph (c), Article 39,
Title III of the Omnibus
Investments Code of 1987 is hereby amended to read as follows:
Sec.
2. Paragraph (d), Article 39,
Title III of the same Code, is likewise amended to read as
follows:
Sec.
3. For a period of three (3)
years starting January 1, 1995, the following imported articles shall
be
exempt from duties imposed under Section 104 of the Tariff and Customs
Code of 1978, as amended, and all kinds of levies provided by law or
presidential
decree: (This portion has been deleted) Provided,
however, That the National Economic and Development Authority may, upon
due notice and public hearing, and in consultation with concerned
government
agencies, exclude any item from the foregoing list, subject to the
condition
that the machinery or equipment is being manufactured domestically in
sufficient
quantity, of comparable quality and at a reasonable price.chanrobles virtual law library Sec.
4. Pursuant to the preceding
Section, a domestic manufacturer of any of the articles enumerated
therein
shall be entitled to a tax credit equivalent to one hundred percent
(100%)
of the national internal revenue taxes, customs duties and levies
actually
paid on the raw materials used in the manufacture of the article. The
purchaser
of such article shall likewise be entitled to a tax credit of one
hundred
percent (100%) of the value of the National Internal Revenue taxes,
customs
duties imposed thereon under Section 104 of the Tariff and Customs Code
of 1978, as amended, and levies provided by law or presidential decree
had such article been imported.chanrobles virtual law library chan
robles virtual law library
Sec.
5. As used in this Act, the term
domestic manufacturer shall mean a citizen of the Philippines, a
partnership
or any other association organized under Philippine laws, with at least
sixty percent (60%) of its capital owned and controlled by citizens of
the Philippines; a corporation or cooperative organized under
Philippine
laws with at least sixty percent (60%) of its capital stock outstanding
and entitled to vote owned and held by citizens of the Philippines, and
with at least sixty percent (60%) of the members of its Board of
Directors
being citizens of the Philippines.
Sec. 6. The Board of Investments (BOI) shall issue certificates for the tax credit mentioned in Section 4 hereof after evaluation as to whether the manufactured article falls under Section 3 of this Act; Provided, however, That the domestic manufacturer has not availed of tax credits thereon under any other investment incentive law, order, rule or regulation: Provided, further, That availment of the tax credit provided for under this Act shall bar the availment of tax credits under such other laws, orders, rules or regulations.cralaw Sec. 7. The BOI shall formulate and publish guidelines for the implementation of this Act in the Official Gazette and in any newspaper of general circulation within ninety (90) days after its approval. chan robles virtual law library Sec. 8. All laws, decrees, orders, issuances and rules and regulations or parts thereof inconsistent with this Act are hereby repealed or modified accordingly.chan robles virtual law library Sec. 9. This Act shall take effect fifteen (15) days after the implementing rules have been published and shall be in effect for five (5) years from the date of its approval.cralaw
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