An Act to Amend Paragraphs 71.02, 71.03 and 71.04 of Chapter 71, Schedule XIV, of Republic Act Numbered Nineteen Hundred Thirty-Seven, Otherwise Known as Tariff and Customs Code of the Philippines, and for Other Purposes
Year:
1960
Category:
Other
Date Approved:
June 19, 1960
Summary
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This Act amends specific paragraphs of the Tariff and Customs Code of the Philippines regarding the taxation of precious and semiprecious stones. It specifies the ad valorem rates for various categories of these stones.Full Text
REPUBLIC ACT No. 3005
An Act to Amend Paragraphs 71.02, 71.03 and 71.04 of Chapter 71, Schedule XIV, of Republic Act Numbered Nineteen Hundred Thirty-Seven, Otherwise Known as Tariff and Customs Code of the Philippines, and for Other Purposes
Be it enacted by the Senate and House of Representatives of the Philippine Congress Assembled:
Section 1. Paragraph 71.02 of Chapter 71, Schedule XIV of Republic Act Numbered Nineteen hundred thirty-seven, is hereby amended to read as follows:
Section 2. Paragraph 71.03 of Chapter 71, Schedule XIV of Republic Act Numbered Nineteen hundred thirty-seven, is hereby amended to read as follows:
Section 3. Paragraph 71.04 of Chapter 71, Schedule XIV of Republic Act Numbered Nineteen hundred thirty-seven, is hereby amended to read as follows:
Section 4. This Act shall take effect upon its approval.
Approved: June 19, 1960.
"Precious and semiprecious stones, unworked, cut or otherwise worked, but neither set nor strung (except ungraded stones temporarily strung for convenience of transport):
A. Industrial diamonds ad val. 10%
B. Others ad val. 150%"
"Synthetic or reconstructed precious or semiprecious stones, unworked, cut or otherwise worked, but neither set nor strung (except ungraded stones temporarily strung for convenience of transport):
A. Industrial diamonds ad. val. 10%
B. Others ad val. 100%"
"Dust and powder of natural or synthetic precious or semiprecious stones ad val. 10%
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