Tax Credit for Taxes and Duties on Raw Materials.
Section 29
SEC. 29. Tax Credit for Taxes and Duties on Raw Materials.—Every registered agricultural producer shall enjoy a tax credit equivalent to the sales, compensating and specific taxes and duties paid on the supplies, raw materials and semi-manufactured products used in the production of its exported agricultural products and forming part thereof, exported directly by the registered agricultural producer or sold to an export trader who subsequently exports said product: Provided, however, That where the cost of certain supplies and raw materials constitutes at least forty percent (40%) of the cost of production of the registered exported agricultural product, tax credit on sales, specific taxes and duties paid thereon may also be granted even if they do not form part of the registered exported agricultural product: and Provided, further, That the taxes on supplies, raw materials and semi-manufactured products domestically purchased are indicated as a separate item in the sales invoices. Chapter—X. OTHER INCENTIVES