Amendments to the Parity Law
Republic Act No. 77, enacted on October 21, 1946, amends Section Six of the Philippine Tariff Act related to revenue generation from imports. It repeals the previous provisions regarding currency conversion for assessing and collecting duties on imported goods. The new law mandates that currency conversion be based on values determined by the President, following recommendations from the Secretary of Finance, aligning with current exchange rates. This act took effect immediately upon its approval.
Law Information
- Reference Number
- Republic Act No. 77
- Date Enacted
- Category
- Statutes
- Subcategory
- Republic Acts
- Jurisdiction
- Philippines
- Enacting Body
- Congress of the Philippines
Full Law Text
October 21, 1946
REPUBLIC ACT NO. 77
AN ACT TO AMEND SECTION SIX OF THIS ACT, ENTITLED "AN ACT TO RAISE REVENUE FOR THE PHILIPPINE ISLANDS, AND FOR OTHER PURPOSES," APPROVED BY THE CONGRESS OF THE UNITED STATES ON AUGUST FIFTH, NINETEEN HUNDRED AND NINE, AS AMENDED BY ACT NUMBERED FORTY HUNDRED AND THIRTY-FOUR OF THE PHILIPPINE LEGISLATURE, BY PROVIDING A METHOD OF CONVERSION BASED ON THE CURRENT RATES OF EXCHANGE
SECTION 1. The second, third, and fourth paragraphs of section six of the Philippine Tariff Act of August fifth, nineteen hundred and thirty-four of the Philippine Legislature, otherwise known as the Parity Law, are hereby repealed to be superseded by a paragraph which shall read as follows:
"For the purpose of the assessment and collection of duties upon merchandise imported into the Philippines on or after the day of the enactment of this Act, wherever it is necessary to convert foreign currency into the currency of the Philippines, such conversion shall be made at the values proclaimed, from time to time, by the President upon recommendation of the Secretary of Finance, upon the basis, in so far as practicable, of the current rates of exchange." acd
SECTION 2. This Act shall take effect upon its approval.
Approved: October 21, 1946
Not published in the Official Gazette
Cite This Law
Amendments to the Parity Law, Republic Act No. 77, Oct 21, 1946 (Philippines)
Amendments to the Parity Law, Republic Act No. 77 (Phil. 1946)
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