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PHILIPPINE LAWS, STATUTES & CODES
A collection of Philippine laws, statutes and codes not included or cited in the main indices of the Chan Robles Virtual Law Library.
Home > Chan Robles Virtual Law Library > Philippine Laws, Statutes & Codes > Republic Acts :
REPUBLIC ACTS
AN ACT TO STRENGTHEN AGRICULTURE
AND FISHERIES MODERNIZATION IN THE PHILIPPINES BY EXTENDING THE
EFFECTIVITY OF TAX INCENTIVES AND ITS MANDATED FUNDING SUPPORT,
AMENDING FOR THIS PURPOSE SECTIONS 109 AND 112 OF REPUBLIC ACT NO. 8435. |
Section 1. Sec. 109 of Republic Act No. 8435, otherwise known as "The Agriculture and Fisheries Modernization Act of 1997" is hereby amended to read as follows: "Sec.
109. All enterprises engaged in agriculture and fisheries as duly
certified by the Department in consultation with the Department of
Finance and the Board of Investment, shall, up to the year 2015, be
exempted from the payment of tariff and duties for importation of all
types of agriculture and fisheries inputs, equipment and machinery such
as, but not limited to, fertilizer, insecticide, pesticide, tractor,
trailers, trucks, farm implements and machinery, harvesters, threshers,
hybrid seeds, genetic materials, sprayers, packaging machinery and
materials, bulk-handling facilities such as conveyors and mini loaders,
weighing scales, harvesting equipment, spare parts of all agricultural
equipment, fishing equipment and parts thereof, refrigeration
equipment, and renewable energy systems such as solar panels: Provided,
however, That the imported agricultural and fishery inputs, equipment
and machinery shall be for the exclusive use of the importing
enterprise. The
Department, in consultation with the Department of Finance and the
Board of Investment, shall, within ninety (90) days from the
effectivity of this Act, formulate the Implementing Rules and
Regulations governing the importation of agriculture and fishery
inputs, equipment and machinery." Sec. 2. Section 112 of Republic Act No. 8435, otherwise known as "The Agriculture and Fisheries Modernization Act of 1997" is hereby amended to read as follows: "Sec.
112. Continuing Appropriation. - The Department of Budget and
Management (DBM) is hereby mandated to include annually up to the year
2015, in the President's program of expenditures for submission to
Congress, and release, an amount not less than Seventeen billion pesos
(P17,000,000,000.00), for the implementation of this Act. Such amount
shall be in addition to the annual budget of the Department of
Agriculture and shall not be subjected to any mandatory reserves that
shall be imposed by the executive department. Fifty
percent (50%) of the net earnings of the Public Estates Authority or
its successor agency;
Net
proceed from the privatization of the Food Terminal Inc. (FTI), the
Bureau of Animal Industry (BAI), the Bureau of Plant Industry (BPI),
and other assets of the Department that will be identified by the DA
Secretary and recommended to the President for privatization: Sec. 3. This Act shall take effect fifteen (15) days from the date of its publication in the Official Gazette or in at least two (2) newspapers of general circulation, whichever comes earlier. Approved: March 30 2004 |
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