Section 8
SEC. 8. Requirement prior to importation.&mdashThe exemption from special import tax, compensating tax, foreign exchange margin fee and tariff duties on machinery, spare parts and equipment granted to basic industries shall be made only when the Board, after investigation, finds that (a) no machinery spare parts and equipment of domestic manufacture are available in reasonable quantity and quality at reasonable prices; (b) the said machinery and equipment are directly and actually needed and will be used exclusively in the manufacture of articles by the grantee of exemption under this Act; and (c) the shipping documents covering the importation are in the name of the tax-exempt firms to whom the goods shall be delivered directly by the customs authorities.