Presidential Decree No. 924 (PD 924) — Amending Presidential Decree Numbered 791 by Granting Tax Exemption to Importation of Farm Machinery, Plant Machinery, Equipment and Spare Parts Under Certain Conditions.
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 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.
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with any of the provisions of this Decree are hereby repealed or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."
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
Source: Supreme Court E-Library, Republic of the Philippines. Philippine laws are public documents (works of the government).
