ChanRobles Virtual law Library
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.
Republic Acts :
REPUBLIC ACTS
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REPUBLIC ACT NO. 1375 - AN
ACT AMENDING SECTION ONE AND TWO OF REPUBLIC ACT NUMBERED SIX HUNDRED
ONE, AS AMENDED BY REPUBLIC ACTS NUMBERED ELEVEN HUNDRED SEVENTY-FIVE
AND ELEVEN HUNDRED NINETY-SEVEN |
(REPEALED BY REPUBLIC ACT NO. 1394)
Section 1. Section s one and two of Republic Act
Numbered Six hundred one, as amended by Republic Acts Numbered Eleven
hundred seventy-five and Eleven hundred ninety-seven, are further
amended to read as follows: "Section 1.
Except as herein otherwise provided, there shall be assessed,
collected, and paid a special excise tax of seventeen per centum on the
value in Philippine peso of foreign exchange sold and/or authorized to
be sold by the Central Bank of the Philippines, or any of its agents
until June thirtieth, nineteen hundred and fifty-six. "Sec. 2. The
tax provided for in section one of this Act shall not be collected on
foreign exchange used for the payment of the cost, transportation
and/or other charges incident to importation into the Philippines of
canned milk, canned beef, cattle, canned fish, cocoa beans, malt,
stabilizer and flavors, vitamin concentrate; supplies and equipment
purchased directly by the Government or any of its instrumentalities
for its own exclusive use; machinery, equipment, accessories, and spare
parts, for the use of industries, miners, mining enterprises, planters
and farmers; and fertilizers when imported by planters or farmers
directly or through their cooperatives; articles or containers used,
including materials for the manufacture of tin containers used by the
importer himself in the manufacture or preparation of local products
for consignment or export abroad; textbooks, reference books, and
supplementary readers approved by the Board on Textbooks and/or
established public or private educational institutions; paper imported
by publishers for their exclusive use in the publication of books,
pamphlets, magazines and newspapers; carbides, explosives and dynamite
for mining purposes; drugs and medicines, and medical and hospital
supplies listed in the appendix of this Act; payment in respect of
reinsurance; payment in respect of marine and aviation insurance; spare
parts to be used in the repair of vessels of Philippine registry
orrplanes and such other parts thereof as may be certified by the Hulls
and Boilers Division of the Bureau of Customs or the Civil Aeronautics
Administration, respectively, as essential to the maintenance of
vessels orrplanes; payment of purchase price of vessels or ships of any
kind or nature intended for Philippine registry, ninety per cent of the
ownership of which belongs exclusively to Filipinos, or charter fees
ofrplanes and vessels of Philippine register; remittances byrlines of
American registry operating between the Philippines and the United
States of income in the Philippines to their head offices in the United
States: Provided, That suchrlines have been granted a permit to operate
under ther Transport Agreement between the United States and the
Philippines prior to the enactment of Republic Act Numbered Six hundred
one; remittances for payment of principal and interests of foreign loan
contracted under obligation of the Philippine Government or any of its
instrumentalities; remittances for payment of living expenses of
students pursuing courses of studies abroad not exceeding the
equivalent of two hundred and fifty dollars per month including payment
of tuition, books, medical expenses and other school fees; and dollar
allocations for one trip a year and not exceeding three hundred dollars
for each Filipino pilgrim of any religion travelling abroad under
permit of the Government; payment of premiums by veterans on life
insurance policies under the Government of the United States; and
payment of premiums and other amounts due by policy-holders on life
insurance policies issued before December nine, nineteen hundred and
forty-nine, and payment of machinery and/or raw materials to be used by
new and necessary industries as determined in accordance with Republic
Act Numbered Thirty-five as amended by Republic Act Numbered Nine
hundred and one." Sec. 2. This Act shall take effect on July 1, 1955.cralaw Approved: June 18, 1955 |