EXECUTIVE ORDER NO. 581 March 11, 1980
RE-IMPOSING THE EXPORT TAX AND PREMIUM DUTY
WHEREAS, mineral products, lumber and veneer were originally included in the list of products subject to the export tax and premium duty pursuant to Presidential Decree No. 230 and Executive Order No. 425, respectively;
WHEREAS, the imposition of subject levies on these export products was temporarily suspended because of unfavorable market conditions:
WHEREAS, the prevailing prices of these commodities in the world market have improved appreciably in recent months compared to the prices experienced during the past years;
WHEREAS, it is the expressed policy of the government to induce the processing of traditional export products and encourage the export of manufactured and semi-manufactured goods;
NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines, by virtue of the powers vested in me by Section 515 of Presidential Decree No. 1464, as amended, otherwise known as the Tariff and Customs Code of 1978, do hereby direct and order;
Sec. 1. The export duty on...
Details
n/a
n/a
Executive Orders
Re-Imposing the Export Tax and Premium Duty
Executive Order No. 581
Re-Imposing the Export Tax and Premium Duty
- Mineral products, lumber, and veneer were originally subject to export tax and premium duty under Presidential Decree No. 230 and Executive Order No. 425, respectively. (Whereas clauses)
- The imposition of these levies was temporarily suspended due to unfavorable market conditions. (Whereas clause)
- The prices of these commodities in the world market have improved recently. (Whereas clause)
- The government aims to induce processing of traditional export products and encourage export of manufactured and semi-manufactured goods. (Whereas clause)
Provisions:
- Re-imposes the export duty and premium duty on certain export products as per the following schedule: (Section 1)
- Gold: 4% export duty, 20% premium duty
- Silver: 4% export duty, 20% premium duty
- Copper ore/concentrates: 4% export duty, 20% premium duty
- Refractory Chrome: 4% export duty, 20% premium duty
- Lumber: 4% export duty
- Veneer: 4% export duty
- The premium duty is based on the difference between the current price established by the Bureau of Customs and the base price. (Section 1)
- If the current price is below the base price, the premium duty shall be levied on 90% of the average F.O.B. value of exports in December 1979. (Section 1)
- The National Economic and Development Authority shall review and establish base prices considering cost conditions in various industries. (Section 1)
- Gold sold to the Central Bank is considered an export and subject to export and premium duties. (Section 2)
- The Central Bank and Bureau of Customs are directed to implement the provision on gold sold to the Central Bank. (Section 2)
- Mineral products, lumber, and veneer were originally subject to export tax and premium duty under Presidential Decree No. 230 and Executive Order No. 425, respectively. (Whereas clauses)
- The imposition of these levies was temporarily suspended due to unfavorable market conditions. (Whereas clause)
- The prices of these commodities in the world market have improved recently. (Whereas clause)
- The government aims to induce processing of traditional export products and encourage export of manufactured and semi-manufactured goods. (Whereas clause)
Provisions:
- Re-imposes the export duty and premium duty on certain export products as per the following schedule: (Section 1)
- Gold: 4% export duty, 20% premium duty
- Silver: 4% export duty, 20% premium duty
- Copper ore/concentrates: 4% export duty, 20% premium duty
- Refractory Chrome: 4% export duty, 20% premium duty
- Lumber: 4% export duty
- Veneer: 4% export duty
- The premium duty is based on the difference between the current price established by the Bureau of Customs and the base price. (Section 1)
- If the current price is below the base price, the premium duty shall be levied on 90% of the average F.O.B. value of exports in December 1979. (Section 1)
- The National Economic and Development Authority shall review and establish base prices considering cost conditions in various industries. (Section 1)
- Gold sold to the Central Bank is considered an export and subject to export and premium duties. (Section 2)
- The Central Bank and Bureau of Customs are directed to implement the provision on gold sold to the Central Bank. (Section 2)