Tax Exemption on Imported Capital Equipment.
Section 25
SEC. 25. Tax Exemption on Imported Capital Equipment. —Within five (5) years from date of registration of the enterprise, importations of machinery and equipment and accompanying spare parts shall be exempt to the extent of one hundred percent (100%) of the tariff duties and compensating taxes payable thereon: Provided, That said machinery, equipment and spare parts are (1) not manufactured domestically in sufficient quantity, of comparable quality and at reasonable prices; (2) reasonably needed in the registered activity; and (3) approved by the Board.