REPUBLIC ACT No. 3050
AN ACT EXEMPTING LOCAL FERTILIZER COMPANIES FROM THE PAYMENT OF SPECIAL IMPORT TAX, MARGIN FEE ON FOREIGN EXCHANGE, SALES AND COMPENSATING TAXES AND CUSTOMS DUTIES ON THEIR IMPORTATION OF CAPITAL GOODS, EQUIPMENT, SPARE PARTS, RAW MATERIALS, SUPPLIES, CONTAINERS AND FUEL.
Section 1. Notwithstanding any provisions of law to the contrary, subject to the conditions hereinafter provided, any person, partnership, company or corporation engaged or which shall engage in the manufacture of fertilizer of whatever nature shall be entitled to exemption until December thirty-one, nineteen hundred and sixty-five from the payment of the special import tax, margin fee on foreign exchange, sales and compensating taxes and customs duties payable by such person, partnership, company or corporation, in respect to the importation of capital goods, equipment, spare parts, raw materials, supplies, containers and fuel by any of those engaged in the above industry: Provided, however, That the importation of raw materials as mentioned in this section, made by farmers for farmers' cooperatives if applied to their land shall be entitled to...
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Republic Acts
AN ACT EXEMPTING LOCAL FERTILIZER COMPANIES FROM THE PAYMENT OF SPECIAL IMPORT TAX
Republic Act No. 3050
Summary of Republic Act No. 3050
Exemptions for Local Fertilizer Companies
- Local fertilizer companies are exempted from paying the following taxes and fees until December 31, 1965: (Section 1)
- Special import tax
- Margin fee on foreign exchange
- Sales and compensating taxes
- Customs duties
- The exemption applies to the importation of the following items by local fertilizer companies: (Section 1)
- Capital goods
- Equipment
- Spare parts
- Raw materials
- Supplies
- Containers
- Fuel
- Farmers and farmers' cooperatives importing raw materials for their land are also entitled to the same exemption. (Section 1)
Reporting Requirements
- Exempted companies must report the following to the National Economic Council annually: (Section 2)
- Actual foreign exchange requirements
- Complete list and valuation of real and personal property of the industrial plant or factory
- Financial statement under oath
Penalties
- It is unlawful to make any material misrepresentation in the required reports or documents. (Section 4)
- Violators shall be fined up to ₱30,000 or imprisoned for up to 3 years, or both, at the court's discretion. (Section 5)
- If the violator is a corporation, association, or partnership, the penalty shall be imposed on the presiding officers, directors, managers, managing partners, and/or the person charged with administration. (Section 5)
- If the violator is an alien, in addition to the penalties, they shall be deported without further proceedings. (Section 5)
Implementation
- The Department of Finance shall promulgate the necessary rules and regulations for the implementation of this Act. (Section 3)
- All existing laws, executive orders, and administrative rules and regulations inconsistent with this Act are modified or repealed accordingly. (Section 6)
- This Act took effect upon its approval on June 17, 1961. (Section 7)
Exemptions for Local Fertilizer Companies
- Local fertilizer companies are exempted from paying the following taxes and fees until December 31, 1965: (Section 1)
- Special import tax
- Margin fee on foreign exchange
- Sales and compensating taxes
- Customs duties
- The exemption applies to the importation of the following items by local fertilizer companies: (Section 1)
- Capital goods
- Equipment
- Spare parts
- Raw materials
- Supplies
- Containers
- Fuel
- Farmers and farmers' cooperatives importing raw materials for their land are also entitled to the same exemption. (Section 1)
Reporting Requirements
- Exempted companies must report the following to the National Economic Council annually: (Section 2)
- Actual foreign exchange requirements
- Complete list and valuation of real and personal property of the industrial plant or factory
- Financial statement under oath
Penalties
- It is unlawful to make any material misrepresentation in the required reports or documents. (Section 4)
- Violators shall be fined up to ₱30,000 or imprisoned for up to 3 years, or both, at the court's discretion. (Section 5)
- If the violator is a corporation, association, or partnership, the penalty shall be imposed on the presiding officers, directors, managers, managing partners, and/or the person charged with administration. (Section 5)
- If the violator is an alien, in addition to the penalties, they shall be deported without further proceedings. (Section 5)
Implementation
- The Department of Finance shall promulgate the necessary rules and regulations for the implementation of this Act. (Section 3)
- All existing laws, executive orders, and administrative rules and regulations inconsistent with this Act are modified or repealed accordingly. (Section 6)
- This Act took effect upon its approval on June 17, 1961. (Section 7)