Modifying the Rates of Import Duty on Certain Imported Articles as Provided Under Presidential Decree No. 1464, Otherwise Known as the Tariff and Customs Code of 1978, as Amended
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Modifying the Rates of Import Duty on Certain Imported Articles as Provided Under Presidential Decree No. 1464, Otherwise Known as the Tariff and Customs Code of 1978, as Amended
Executive Order No. 624
October 2, 1980
Case Overview and Summary
Modifying the Rates of Import Duty on Certain Imported ArticlesObjectives:
- Promote exports and provide employment
- Reduce unnecessary outflow of foreign currency
- Make available products needed in daily life at the least cost
Provisions:
- Allows export enterprises registered with the Board of Investment or the Export Processing Zone Authority, employing Filipinos in the production of watches and other time pieces, to sell up to 20% of their production to the local market (Section 1)
- Specifies the following unified rates of import duty for watch and clock parts when imported by registered watch manufacturers under Republic Act 6135 and/or Presidential Decree No. 66 (Section 1):
- Watch movements: 10% ad valorem
- Clock movements: 10% ad valorem
- Watch cases and parts: 10% ad valorem
- Clock cases and parts: 10% ad valorem
- Other clock and watch parts: 10% ad valorem
- Retains the existing 30% ad valorem rate for the above articles when imported by non-registered entities (Section 1)
- Takes effect 30 days after issuance for all articles entered or withdrawn from customs warehouses in the Philippines for consumption (Section 2)
- Supplements the amendments contained in Executive Order No. 609 dated August 1, 1980, including Annexes "A" and "B" (Section 3)
Amends
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Amended by
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Tags
Executive Issuances
Executive Orders
import duty
watches
clocks
time pieces
watch movements
clock movements
watch cases
clock cases
watch parts
clock parts
export enterprises
Board of Investment
Export Processing Zone Authority
Republic Act 6135
Presidential Decree No. 66
ad valorem
customs warehouses
Executive Order No. 609
Law
Modifying the Rates of Import Duty on Certain Imported Articles as Provided Under Presidential Decree No. 1464, Otherwise Known as the Tariff and Customs Code of 1978, as Amended
Executive Order No. 624
•October 2, 1980
EXECUTIVE ORDER NO. 624 October 2, 1980
MODIFYING THE RATES OF IMPORT DUTY ON CERTAIN IMPORTED ARTICLES AS PROVIDED UNDER PRESIDENTIAL DECREE NO. 1464, OTHERWISE KNOWN AS THE TARIFF AND CUSTOMS CODE OF 1978, AS AMENDED
WHEREAS, it is one of the objectives of the Government to promote exports and provide employment, reduce the unnecessary outflow of foreign currency and to make available to the greatest number of Filipinos at the least cost, products which they need in their daily life;
WHEREAS, to meet the above objective, Executive Order 609 was promulgated on August 1, 1980;
WHEREAS, it is desirable to allow certain export enterprise registered with the Board of Investment or the Export Processing Zone Authority, which are employing a great number of Filipinos in the production of watches and other time pieces, to sell a part of their production not exceeding 20% to the local market in order to afford Filipinos a chance to purchase watches at the least and most economical price, while at the same time maintain their export capabilities.
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Amends
n/a
Amended by
n/a
Tags
Executive Issuances
Executive Orders
import duty
watches
clocks
time pieces
watch movements
clock movements
watch cases
clock cases
watch parts
clock parts
export enterprises
Board of Investment
Export Processing Zone Authority
Republic Act 6135
Presidential Decree No. 66
ad valorem
customs warehouses
Executive Order No. 609
EXECUTIVE ORDER NO. 624 October 2, 1980
MODIFYING THE RATES OF IMPORT DUTY ON CERTAIN IMPORTED ARTICLES AS PROVIDED UNDER PRESIDENTIAL DECREE NO. 1464, OTHERWISE KNOWN AS THE TARIFF AND CUSTOMS CODE OF 1978, AS AMENDED
WHEREAS, it is one of the objectives of the Government to promote exports and provide employment, reduce the unnecessary outflow of foreign currency and to make available to the greatest number of Filipinos at the least cost, products which they need in their daily life;
WHEREAS, to meet the above objective, Executive Order 609 was promulgated on August 1, 1980;
WHEREAS, it is desirable to allow certain export enterprise registered with the Board of Investment or the Export Processing Zone Authority, which are employing a great number of Filipinos in the production of watches and other time pieces, to sell a part of their production not exceeding 20% to the local market in order to afford Filipinos a chance to purchase watches at the least and most economical price, while at the same time maintain their export capabilities.
NOW,...
Login to see full content