AN ACT TO IMPOSE A SPECIAL IMPORT TAX ON ALL GOODS
Download as PDF
Download as Word
My Notes
Highlights
New
Collections
Create a New Collection
Overview
Full Text
Details
Case
Agency Issuance Number
Published Date
AN ACT TO IMPOSE A SPECIAL IMPORT TAX ON ALL GOODS
Republic Act No. 1394
August 29, 1955
Case Overview and Summary
Summary of Republic Act No. 1394Special Import Tax on Imported Goods
- Imposes a special import tax on all goods, articles or products imported or brought into the Philippines, irrespective of source. (Section 1)
- Provides a schedule of tax rates for each calendar year from 1956 to 1965, ranging from 17% in 1956 to 1.7% in 1965. (Section 1)
- The President may adjust the tax rates to maintain revenue levels from imports from the United States at the 1955 level. (Section 2)
Valuation of Imported Goods
- The value for assessment of the special import tax shall be the price at which the goods are offered for sale in the exporting country, plus ordinary expenses and taxes/duties prior to loading on the vessel. (Section 3)
Payment of Tax
- The special import tax shall be paid by the importer to the Bureau of Customs prior to the release of the imported goods, in accordance with regulations by the Department of Finance. (Section 4)
Repeal of Previous Laws
- Republic Act No. 601 (exchange tax) is repealed. (Section 5)
Exemptions
- The special import tax shall not be imposed on the following: (Section 6)
- Machinery and raw materials for new and necessary industries
- Cattle, canned milk, canned beef, canned salmon, sardines, cocoa beans, malt, stabilizers, flavors, vitamin concentrate
- Supplies and equipment for government use
- Machinery, equipment, accessories, and spare parts for industries, miners, planters, and farmers
- Fertilizers imported by planters, farmers, or cooperatives
- Spare parts for Philippine-registered vessels and airplanes
- Vessels or ships for Philippine registry with 60% Filipino ownership
- Articles or containers used by the importer for manufacturing local products for export
- Textbooks, reference books, and supplementary readers
- Paper and newsprint for publishers
- Cyanide, explosives, and dynamite for mining
- Drugs, medicines, medical, dental, and hospital supplies (listed in detail)
Effective Date
- The Act shall take effect on January 1, 1956, provided that the President has previously declared the taking effect of a revised trade agreement between the Philippines and the United States. (Section 7)
Amends
n/a
Amended by
n/a
Tags
Statutes
Republic Acts
import tax
Philippines
goods
products
tax rates
schedule
exemptions
effective date
trade agreement
United States
Law
AN ACT TO IMPOSE A SPECIAL IMPORT TAX ON ALL GOODS
Republic Act No. 1394
•August 29, 1955
REPUBLIC ACT No. 1394
AN ACT TO IMPOSE A SPECIAL IMPORT TAX ON ALL GOODS, ARTICLES OR PRODUCTS IMPORTED OR BROUGHT INTO THE PHILIPPINES, AND TO REPEAL REPUBLIC ACTS NUMBERED SIX HUNDRED AND ONE, EIGHT HUNDRED AND FOURTEEN, EIGHT HUNDRED AND SEVENTY-ONE, ELEVEN HUNDRED AND SEVENTY-FIVE, ELEVEN HUNDRED AND NINETY-SEVEN AND THIRTEEN HUNDRED AND SEVENTY-FIVE.
Section 1. Except as herein otherwise provided, there shall be levied, collected and paid a special import tax on all goods, articles or products imported or brought into the Philippines, irrespective of source, during the period and in accordance with the rates provided for in the following schedule:
(1) Calendar year 1956, seventeen per cent;
(2) Calendar year 1957, fifteen and three-tenths per cent;
(3) Calendar year 1958, thirteen and six-tenths per cent;
(4) Calendar year 1959, eleven and nine-tenths per cent;
(5) Calendar year 1960, ten and two-tenths per cent;
(6) Calendar year 1961, eight and five-tenths per cent;
(7) Calendar year 1962, six and eight-tenths per cent;
(8) Calendar year 1963, five and one-tenth per cent;
(9) Calendar...
Login to see full content
Amends
n/a
Amended by
n/a
Tags
Statutes
Republic Acts
import tax
Philippines
goods
products
tax rates
schedule
exemptions
effective date
trade agreement
United States
REPUBLIC ACT No. 1394
AN ACT TO IMPOSE A SPECIAL IMPORT TAX ON ALL GOODS, ARTICLES OR PRODUCTS IMPORTED OR BROUGHT INTO THE PHILIPPINES, AND TO REPEAL REPUBLIC ACTS NUMBERED SIX HUNDRED AND ONE, EIGHT HUNDRED AND FOURTEEN, EIGHT HUNDRED AND SEVENTY-ONE, ELEVEN HUNDRED AND SEVENTY-FIVE, ELEVEN HUNDRED AND NINETY-SEVEN AND THIRTEEN HUNDRED AND SEVENTY-FIVE.
Section 1. Except as herein otherwise provided, there shall be levied, collected and paid a special import tax on all goods, articles or products imported or brought into the Philippines, irrespective of source, during the period and in accordance with the rates provided for in the following schedule:
(1) Calendar year 1956, seventeen per cent;
(2) Calendar year 1957, fifteen and three-tenths per cent;
(3) Calendar year 1958, thirteen and six-tenths per cent;
(4) Calendar year 1959, eleven and nine-tenths per cent;
(5) Calendar year 1960, ten and two-tenths per cent;
(6) Calendar year 1961, eight and five-tenths per cent;
(7) Calendar year 1962, six and eight-tenths per cent;
(8) Calendar year 1963, five and one-tenth per cent;
(9) Calendar...
Login to see full content