Inclusion of Operating Mines Within the Purview of Section 53 of Presidential Decree No. 463, as Amended
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Inclusion of Operating Mines Within the Purview of Section 53 of Presidential Decree No. 463, as Amended
Executive Order No. 660
March 4, 1981
Case Overview and Summary
Summary of Executive Order No. 660Inclusion of Operating Mines within the Purview of Section 53 of Presidential Decree No. 463, as Amended
- Objective: To maximize and accelerate mineral extraction for the benefit of the country's mineral resources and foreign exchange earnings. (Preamble)
- Coverage: Operating mines with large and/or newly discovered ore reserves. (Section 1)
- Tax Exemption Privileges:
- Entitled to tax exemption under Section 53 of Presidential Decree No. 463, as amended. (Section 1)
- Period of tax exemption:
- Commences from the date of the first bona fide order of machineries, equipment, tools for production, plants to convert mineral ores into saleable form, spare parts, supplies, materials, accessories, explosives, chemicals, and transportation and communication facilities needed for expanded operations. (Section 1)
- Ends two (2) years from the date of first expanded operation. (Section 1)
- Determination of Eligibility: The Minister of Natural Resources, upon recommendation of the Director of Mines and Geo-Sciences, shall determine the operating mines eligible for tax exemption. (Section 1)
- Rules and Regulations: The Minister of Natural Resources, upon recommendation of the Director of Mines and Geo-Sciences, shall issue rules and regulations for the implementation of this Order. (Section 1)
- Effectivity: This Order shall take effect immediately. (Section 2)
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Executive Issuances
Executive Orders
mineral export
tax exemption
operating mines
ore reserves
expanded operations
mining companies
Presidential Decree No. 463
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Inclusion of Operating Mines Within the Purview of Section 53 of Presidential Decree No. 463, as Amended
Executive Order No. 660
•March 4, 1981
EXECUTIVE ORDER NO. 660 March 4, 1981
INCLUSION OF OPERATING MINES WITHIN THE PURVIEW OF SECTION 53 OF PRESIDENTIAL DECREE NO. 463, AS AMENDED
WHEREAS, mineral export is among the top foreign exchange earners of the country;
WHEREAS, in order to derive maximum benefits from the country's mineral resources, extraction must be maximized and accelerated;
WHEREAS, several operating mining companies have large and/or newly discovered ore reserves that could be developed by expanded operations;
WHEREAS, Section 53 of Presidential Decree No. 463, as amended, limits the tax exemption privileges to new mines and old mines resuming operations;
NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines, by virtue of the powers vested in me by law, do hereby order the inclusion of operating mines with the large and/or newly discovered ore reserves among those to be entitled to tax exemption under Section 53 of Presidential Decree No. 463, as amended, as determined by the Minister of Natural Resources upon recommendation of the Director of Mines and Geo-Sciences: Provided, however, That the period of tax...
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Amends
n/a
Amended by
n/a
Tags
Executive Issuances
Executive Orders
mineral export
tax exemption
operating mines
ore reserves
expanded operations
mining companies
Presidential Decree No. 463
EXECUTIVE ORDER NO. 660 March 4, 1981
INCLUSION OF OPERATING MINES WITHIN THE PURVIEW OF SECTION 53 OF PRESIDENTIAL DECREE NO. 463, AS AMENDED
WHEREAS, mineral export is among the top foreign exchange earners of the country;
WHEREAS, in order to derive maximum benefits from the country's mineral resources, extraction must be maximized and accelerated;
WHEREAS, several operating mining companies have large and/or newly discovered ore reserves that could be developed by expanded operations;
WHEREAS, Section 53 of Presidential Decree No. 463, as amended, limits the tax exemption privileges to new mines and old mines resuming operations;
NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines, by virtue of the powers vested in me by law, do hereby order the inclusion of operating mines with the large and/or newly discovered ore reserves among those to be entitled to tax exemption under Section 53 of Presidential Decree No. 463, as amended, as determined by the Minister of Natural Resources upon recommendation of the Director of Mines and Geo-Sciences: Provided, however, That the period of tax...
Login to see full content