Providing For Incentives To The Shipping Industry By Granting Additional Deductible Items For Income Tax Purposes.
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Providing For Incentives To The Shipping Industry By Granting Additional Deductible Items For Income Tax Purposes.
Presidential Decree No. 667
March 5, 1975
Case Overview and Summary
INCENTIVES TO THE SHIPPING INDUSTRY- Exporters of Philippine products are allowed to deduct 150% of overseas freight expenses and arrastre charges in Philippine ports from their taxable income, provided that shipments are made on board vessels of Philippine registry. (Section 1)
- Importers of goods that are to be utilized as raw materials, intermediate products, for further manufacturing, or for resale are allowed to deduct 150% of overseas freight expenses and arrastre charges in Philippine ports from their taxable income, provided that shipments are made on board vessels of Philippine registry. (Section 2)
- Enterprises registered with the Board of Investments are allowed to deduct 200% of shipping costs incurred in the transport of their products and raw materials to or from foreign ports from their taxable income, provided that shipments are made on board vessels of Philippine registry. (Section 3)
- The provisions of this Decree shall take effect immediately and shall repeal, amend, or modify any inconsistent provisions of the National Internal Revenue Code, Investments Incentives Act, Export Incentives Act, and all other laws, decrees, rules, and regulations. (Sections 4 and 5)
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Executive Issuances
Presidential Decrees
shipping industry
incentives
tax deductions
exporters
importers
raw materials
manufacturing
resale
Board of Investments
Philippine registry vessels
overseas freight expenses
arrastre charges
National Internal Revenue Code
Investments Incentives Act
Export Incentives Act
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Providing For Incentives To The Shipping Industry By Granting Additional Deductible Items For Income Tax Purposes.
Presidential Decree No. 667
•March 5, 1975
MALACAÑANGM a n i l a
PRESIDENTIAL DECREE No. 667 March 5, 1975
PROVIDING FOR INCENTIVES TO THE SHIPPING INDUSTRY BY GRANTING ADDITIONAL DEDUCTIBLE ITEMS FOR INCOME TAX PURPOSES.
WHEREAS, the government recognizes the important role of the shipping industry in the economic development of the country;
WHEREAS, there is a need to increase the number of ocean-going shipping vessels of Philippine registry;
WHEREAS, exporters and importers should be encouraged to patronize Philippine flag vessels in order to effect foreign exchange savings;
NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines, by virtue of the powers in me vested by the Constitution, do hereby decree the following as part of the law of the land.
Section 1. Exporters of Philippine products shall be allowed to deduct from their taxable income to the extent of one hundred-fifty percentum (150%) of the amount, of overseas freight expenses and arrastre charges in Philippine ports, provided that shipments are made on board vessels of Philippine registry.
Section 2. Importers of goods that are to be utilized as raw...
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