Exempting the Importation of Ocean-Going Vessels from Customs Duty and Compensating Tax
Presidential Decree No. 215, issued on June 16, 1973, exempts the importation of ocean-going vessels from a 10% customs duty and a 7% compensating tax in the Philippines. This measure aims to support and promote the development of the country's shipping industry. The decree overrides any conflicting laws, executive orders, or regulations. It takes effect immediately upon issuance.
Law Information
- Reference Number
- Presidential Decree No. 215
- Date Enacted
- Category
- Presidential Issuances
- Subcategory
- Presidential Decrees
- Jurisdiction
- Philippines
- Enacting Body
- Congress of the Philippines
Full Law Text
June 16, 1973
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 vested in me 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. acd
Any provision of law, executive order or regulation inconsistent with this Decree is hereby repealed or modified accordingly.
This Decree shall take effect immediately. aisa dc
DONE in the City of Manila, this 16th of June, in the year of Our Lord, Nineteen Hundred and Seventy-Three.
Cite This Law
Exempting the Importation of Ocean-Going Vessels from Customs Duty and Compensating Tax, Presidential Decree No. 215, Jun 16, 1973 (Philippines)
Exempting the Importation of Ocean-Going Vessels from Customs Duty and Compensating Tax, Presidential Decree No. 215 (Phil. 1973)
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