Section 2
SEC. 2. The following additional incentives shall be granted registered export producers under R.A. 61-35, subject to such conditions as the Board of Investments may impose: Amortized deduction of organizational and pre-operating expenses as provided under Sec. 7(a)of R.A. 5186; Accelerated depreciation as provided under Sec. 7 (b) of R. A. 5186; Net operating loss carry-over as provided in Sec. 7(c) of R.A. 5186; Exemption from the provisions of P.D. 1395 on five per cent (5%) duty and five percent (5%) tax on previously exempt importation; Exemption from P.D. 485 with respect to the reduction of tax exemption on imported capital equipment for non-pioneer enterprises with total assets or projected total assets of P500,000.00 for replacement or modernization or for expansion of projects with over 20% return on equity; The tax-free importation of capital equipment' by a registered export producer is hereby extended from five (5) to seven (7) years; Sales tax exemption provided for in Sec. 2 of P.D. 1469 for articles sold by a registered export producer to another export producer or export trader, under such guidelines to be formulated by the Board of Investments in consultation with the Bureau of Internal Revenue.