August 21, 1962
REVENUE MEMORANDUM CIRCULAR NO. 15-62
| SUBJECT | : | Publishing Republic Act No. 3050 Exempting Local Fertilizer Manufacturers from the Payment of Certain Taxes on their Importation of Capital Goods, Equipment, Spare Parts, etc. |
| TO | : | All Internal Revenue Officers and Others Concerned |
For the information and guidance of all concerned, there is quoted hereunder Republic Act No. 3050:
AN ACT EXEMPTING LOCAL FERTILIZER COMPANIES FROM THE PAYMENT OF SPECIAL IMPORT TAX, MARGIN FEE OR FOREIGN EXCHANGE, SALES AND COMPENSATING TAXES AND CUSTOMS DUTIES ON THEIR IMPORTATION OF CAPITAL GOODS, EQUIPMENT, SPARE PART, RAW MATERIALS, SUPPLIES, CONTAINERS, AND FUEL.
"Be it enacted by the Senate and House of Representatives of the Philippines in Congress assembled.
"SECTION 1. Notwithstanding any provisions of law to the contrary, subject to the conditions hereinafter provided, any person, partnership, company or corporation engaged or which shall engage in the manufacture of fertilizer of whatever nature shall be entitled to exemption until December thirty-one, nineteen hundred and sixty-five from the payment of the special import tax, margin fee on foreign exchange, sales and compensating taxes...
