AMENDING PRESIDENTIAL DECREE NUMBERED 791 BY GRANTING TAX EXEMPTION TO IMPORTATION OF FARM MACHINERY, PLANT MACHINERY, EQUIPMENT AND SPARE PARTS UNDER CERTAIN CONDITIONS.

• Number: Presidential Decree No. 924
• Sections: 4

Preamble

WHEREAS, Presidential Decree No. 791 provides exemption from

the payment of customs duties and compensating tax for importation of

plant machineries, spare parts and other equipment imported by any

person, partnership, company or corporations who or which is now engaged

or will engage in the business of manufacturing, milling, processing or

refining of sugar; and

WHEREAS, the cost of farm machinery has likewise

correspondingly increased the financial requirements of said persons;

NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the

Philippines, by virtue of the powers vested in me by the Constitution,

do hereby order and decree as follows:

Section 1

SECTION 1. Section 2 of Presidential Decree No. 791 is

hereby amended to read as follows:

"SECTION 2. The exemption under this Decree shall cover

only the importation of plant machinery, spare parts and other

equipment, including road-building equipment, sugarcane transport,

agricultural tractors and implements thereof, directly and actually

needed and to be used exclusively in the development of the factory site

and in the production, manufacture, milling, processing or refining of

sugar by the grantee of the exemption under this Decree, if the shipping

documents covering the importation are in the name of the tax-exempt

firms to whom the goods shall be delivered by the customs authorities.

Section 2

SEC. 2. Section 5 of the same Decree is hereby amended to

read as follows:

"SECTION 5. All acts, executive orders, administrative

orders or commission, rules and regulations or part thereof inconsistent

with any of the provisions of this Decree are hereby repealed or

modified accordingly.

"The Secretary of Finance shall issue the implementing rules and

regulations to carry out the provisions of this Decree."

Section 3

SEC. 3. This Decree shall take effect immediately.

Done in the City of Manila, this 23rd day of April in the year

of Our Lord, nineteen hundred and seventy-six

(Sgd.)

FERDINAND E. MARCOS

President

Republic of the Philippines

By the President:

(Sgd.)

JUAN C. TUVERA

Presidential Assistant