WHEREAS,
the Homecoming Program for Overseas Filipinos under Letter of
Instruction No. 105 issued 31 July 1973 otherwise known as the
Balikbayan Program has been an overwhelming success and in compliance
with numerous requests and petitions for extension, the same has been
extended to 31 August 1974 to enable more of our overseas countrymen
and their families or their descendants to visit or settle in their
motherland;chanroblesvirtualawlibrary
WHEREAS, it is desirable to grant additional incentives to the
temporary tax holiday benefits under Letters of Instruction Nos. 105
and 163;chanroblesvirtualawlibrary
NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines,
by virtue of the powers in me vested by the Constitution, do hereby
order and decree:cralaw:red
Section 1. Provisions of Section 105 of the Tariff
and Customs Code, as amended, to the contrary notwithstanding,
professional instruments and implements, tools of trade, occupation or
employment, wearing apparel, domestic animals, and personal and
household effects belonging to persons coming to settle in the
Philippines or Filipinos and/or their families and descendants who are
now residents or citizens of other countries, such parties hereinafter
referred to as Overseas Filipinos, in quantities and of class suitable
to the profession, rank or position of the person importing them, for
their own use and not for barter or sale, accompanying such persons, or
arriving within a reasonable time, in the discretion of the Collector
of Customs, before or after the arrival of their owners, which arrival
shall not be later than August 31, 1974, upon the production of
evidence satisfactory to the Collector of Customs that such persons are
actually coming to settle in the Philippines, that change of residence
was bona fide and that the privilege of free entry was never granted to
them before or that such person qualifies under the provisions of
Letters of Instructions 105 and 163, and that the articles are brought
from their former place of abode, shall be exempt from the payment of
customs duties and taxes; Provided: that vehicles, vessels,rcraft,
machineries and other similar articles for use in manufacture, shall
not be classified hereunder. chanroblesvirtualawlibrary
Section 2. Provisions of Sections 184; 184-A; 185;
185-A; 185-B; 186; 186-A and 186-B of the Internal Revenue Code, as
amended, to the contrary notwithstanding, Overseas Filipinos as herein
defined who are coming to settle permanently in the Philippines may
purchase locally manufactured vehicles, household appliances,
professional instruments and other tools of trade, occupation or
employment, free of internal revenue taxes; Provided:cralaw:red
a. Such items are purchased from authorized dealers
and are brand new;chanroblesvirtualawlibrary
b. In the case of vehicles, that the same are
registered under the Progressive Car Manufacturing Program;chanroblesvirtualawlibrary
c. In the case of household appliances, professional
instruments and other tools of trade, occupation or employment, that
the same are locally manufactured and/or assembled;chanroblesvirtualawlibrary
d. That the purchases are made locally and in the
United States currency.
e. That the purchases are made within a period of six
(6) months from the date of arrival.
Section 3. The Secretary of Finance, the Commissioner
of Customs, the Commissioner of Internal Revenue, and the Central Bank
of the Philippines shall issue the rules and regulations to implement
this Decree:cralaw:red
Section 4. This Decree shall take effect immediately.
DONE in the City of Manila,
this 22nd day of April, in the year of Our Lord, nineteen hundred and
seventy-four.
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