Publishing Presidential Decree No. 413, amending Section 190 of the National Internal Revenue Code, as amended by Presidential Decree Nos. 69 and 237

November 4, 1974 REVENUE MEMORANDUM CIRCULAR NO. 64-74 SUBJECT : Publishing Presidential Decree No. 413, amending Section 190 of the National Internal Revenue Code, as amended by Presidential Decree Nos. 69 and 237 TO : All Internal Revenue Officers and others concerned For the information and guidance of all concerned, there is quoted hereunder the pertinent provisions of Section 190, as amended by Presidential Decree No. 413, viz.: "Sec. 190. Compensating tax . "xxx xxx xxx "The provisions of existing laws to the contrary notwithstanding, exemptions from this tax shall be limited to the following: "xxx xxx xxx "4. Machineries, equipment, tools for production, plants to convert mineral ores into saleable form, spare parts, supplies, materials, accessories, explosives, chemicals, and transportation and communication facilities imported by and for the use of new mines and old mines which resume operations, when certified to as such by the Secretary of Agriculture and Natural Resources upon the recommendation of the Director of Mines, for a period ending five (5) years from the first date of actual commercial production of saleable mineral products: Provided , That such articles are not locally available in reasonable quantity, quality and price and are necessary or incidental in the proper operation of the mine; and aircrafts imported by agro-industrial companies to be used by them in their agricultural and industrial operations or activities, spare parts and accessories thereof." Presidential Decree No. 413 took effect on March 15, 1974. Sub-paragraph 4 was amended by Presidential Decree No. 413 by including within the purview of the exemption aircrafts imported by agro-industrial companies to be used by them in their agricultural and industrial operations or activities, spare parts and accessories thereof. ENFORCEMENT All internal revenue officers and others concerned are enjoined to be guided accordingly and to give this Circular as wide a publicity as possible. MISAEL P. VERA Commissioner of Internal Revenue TAN-1601-593-5