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. 871 - AN ACT TO
AMEND SECTION ONE AND TWO OF REPUBLIC ACT NUMBERED SIX HUNDRED AND ONE,
AS AMENDED, OTHERWISE KNOWN AS THE EXCHANGE TAX LAW |
(REPEALED BY REPUBLIC ACT NO. 1394)
Section 1. Section one of Republic Act Numbered Six
hundred and one, as amended by Republic Act Numbered Eight hundred and
fourteen, is hereby 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 the 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-four." Sec. 2. Section two of Republic Act Numbered Six hundred and one, as amended by Republic Act Numbered Eight hundred and fourteen, is hereby amended to read as follows: "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
rice, flour, canned milk, cattle and beef, canned fish, soya beans,
butterfat, chocolate, malt, industrial starch, tapioca, stabilizer and
flavors, vitamin concentrate, fertilizers; supplies and equipment
purchased directly by or for the Armed Forces of the Philippines and
the Civil Aeronautics Administration as certified by the corresponding
Department heads; agricultural machineries and implements and their
spare parts and accessories, poultry feed; textbooks, reference books,
and supplementary readers approved by the Board on Textbooks and/or
established public or private educational institutions; newsprint
imported by or for publishers for use in the publication of books,
pamphlets, magazines and newspapers; book paper, book cloth, chip board
and other materials imported for the printing and binding of textbooks,
supplementary readers and reference books to be supplied to the
Government under contracts with the latter, the quantity thereof to be
certified by the Director of Printing; anaesthetics, antibiotics,
vitamins, hormones, X-Ray films, laboratory reagents, biologicals,
dental supplies, and pharmaceutical drugs necessary for compounding
medicines; medical and hospital supplies listed in the appendix to this
Act, in quantities to be certified by the Director of Hospitals as
actually needed by the hospitals applying thereof; drugs and medicines
listed in the said appendix; and such other drugs and medicines as may
be certified by the Secretary of Health from time to time to promote
and protect the health of the people of the Philippines; 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; payment
in respect of reinsurance, payment in respect of marine and aviation
insurance, payment of expenses for dry-docking and repair abroad of
vessels of Philippine register, and for the repair abroad ofrplanes of
Philippine register, and payment of purchase price or charter fees
ofrplanes and vessels of Philippine register and spare parts,
equipment, accessories ofrplanes and vessels of Philippine register:
Provided, That, before vessels are sent to be drydocked abroad, an
estimate of the cost of dry-docking should be certified by the Hulls
and Boilers Division of the Bureau of Customs, or by the nearest
Philippine Consular official of the place where the dry-docking and/or
repair is made, and in case ofrplanes andrplane parts, the cost of such
repairs and such parts should be certified by the Civil Aeronautics
Administration, remittances for payment of living expenses of students
studying abroad not exceeding the equivalent of three hundred dollars
per month, and for payment of tuition and other school fees; payment of
premiums by veterans on life insurance policies under the Government of
the United States, payment of premiums and other amounts due by
policyholders 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." Sec. 3. This Act shall take effect upon its approval. Approved: June 16, 1953 |
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