Exempting the Importation of Ocean-Going Vessels from the Ten Per Cent Customs Duty and Seven Per Cent Compensating Tax

June 25, 1973 REVENUE MEMORANDUM CIRCULAR NO. 34-73 SUBJECT : Exempting the Importation of Ocean-Going Vessels from the Ten Per Cent Customs Duty and Seven Per Cent Compensating Tax TO : All Internal Revenue Officers and Others Concerned For the information and guidance of all those concerned, there is quoted hereunder the provisions of Presidential Decree No. 215, the subject matter of which is "Exempting the importation of ocean-going vessels from the ten per cent customs duty and seven per cent compensating tax." MALACAANG Manila PRESIDENTIAL DECREE No. 215 EXEMPTING THE IMPORTATION OF OCEAN-GOING VESSELS FROM THE TEN PER CENT CUSTOMS DUTY AND SEVEN PER CENT COMPENSATING TAX "In line with the policy to encourage the development of the shipping industry in this country, I, FERDINAND E. MARCOS, President of the Philippines, by virtue of the powers in me vested by the Constitution as Commander-in-Chief of all the Armed Forces of the Philippines and pursuant to Proclamation No. 1081 dated September 21, 1972, and General Order No. 1 dated September 22, 1972, do hereby order and decree that the importation of ocean-going vessels shall be exempted from the payment of the ten per cent customs duty prescribed in the Tariff and Customs Code and the seven per cent compensating tax provided in the National Internal Revenue Code. "Any provision of law, executive order or regulation inconsistent with this Decree is hereby repealed or modified accordingly. "This Decree shall take effect immediately. "DONE in the City of Manila, this 16th day of June, in the year of Our Lord, nineteen hundred and seventy-three." "(SGD.) FERDINAND E. MARCOS President of the Philippines By the President: (SGD.) ROBERTO V. REYES Assistant Executive Secretary All those concerned are hereby enjoined to follow strictly the provisions of the decree insofar as it affects the bureau. aisa dc MISAEL P. VERA Commissioner of Internal Revenue A NNEX Manila, June 19, 1973 S i r : I have the honor to enclose, for your information and appropriate action, a certified copy of Presidential Decree No. 215 dated June 16, 1973, entitled "EXEMPTING THE IMPORTATION OF OCEAN-GOING VESSELS FROM THE TEN PER CENT CUSTOMS DUTY AND SEVEN PER CENT COMPENSATING TAX." It is understood that this Presidential Decree shall immediately be disseminated to all concerned. Very truly yours, For the Executive Secretary: MELQUIADES T. DE LA CRUZ Presidential Records Officer Honorable Misael Vera Commissioner of Internal Revenue Manila