Granting the Shipping Industry Additional Deductible Items for Income Tax Purposes
Presidential Decree No. 667, issued on March 5, 1975, aims to bolster the Philippine shipping industry by providing tax incentives. Exporters using Philippine-registered vessels can deduct 150% of their overseas freight expenses and arrastre charges from their taxable income. Similarly, importers of goods for manufacturing or resale can claim the same deduction under the same conditions. Registered enterprises with the Board of Investments are entitled to a 200% deduction on shipping costs for transporting products and raw materials via Philippine vessels. This decree repeals any conflicting provisions from existing laws and takes effect immediately.
Quick Answers
- What is Granting the Shipping Industry Additional Deductible Items for Income Tax Purposes about?
- Presidential Decree No. 667, issued on March 5, 1975, aims to bolster the Philippine shipping industry by providing tax incentives. Exporters using Philippine-registered vessels can deduct 150% of their overseas freight expenses and arrastre charges from their taxable income. Similarly, importers of goods for manufacturing or resale can claim the same deduction under the same conditions. Registered enterprises with the Board of Investments are entitled to a 200% deduction on shipping costs for transporting products and raw materials via Philippine vessels. This decree repeals any conflicting provisions from existing laws and takes effect immediately.
- What type of law is Presidential Decree No. 667?
- Granting the Shipping Industry Additional Deductible Items for Income Tax Purposes (Presidential Decree No. 667) is a Philippine Presidential Issuances enacted by the Congress of the Philippines.
- When was Granting the Shipping Industry Additional Deductible Items for Income Tax Purposes enacted?
- Granting the Shipping Industry Additional Deductible Items for Income Tax Purposes (Presidential Decree No. 667) was enacted on Mar 5, 1975.
- What is the citation for Granting the Shipping Industry Additional Deductible Items for Income Tax Purposes?
- Granting the Shipping Industry Additional Deductible Items for Income Tax Purposes, Presidential Decree No. 667, Mar 5, 1975 (Philippines)
Law Information
- Reference Number
- Presidential Decree No. 667
- Date Enacted
- Category
- Presidential Issuances
- Subcategory
- Presidential Decrees
- Jurisdiction
- Philippines
- Enacting Body
- Congress of the Philippines
Full Law Text
March 5, 1975
PRESIDENTIAL DECREE NO. 667
PROVIDING FOR INCENTIVES TO THE SHIPPING INDUSTRY BY GRANTING ADDITIONAL DEDUCTIBLE ITEMS FOR INCOME TAX PURPOSES
WHEREAS, the government recognizes the important role of the shipping industry in the economic development of the country;
WHEREAS, there is a need to increase the number of ocean-going shipping vessels of Philippine registry; acd
WHEREAS, exporters and importers should be encouraged to patronize Philippine flag vessels in order to effect foreign exchange savings;
NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines, by virtue of the powers in me vested by the Constitution, do hereby decree the following as part of the law of the land.
SECTION 1. Exporters of Philippine products shall be allowed to deduct from their taxable income to the extent of one hundred-fifty percentum (150%) of the amount, of overseas freight expenses and arrastre charges in Philippine ports, provided that shipments are made on board vessels of Philippine registry.
SECTION 2. Importers of goods that are to be utilized as raw materials, intermediate products or for further manufacturing or for resale shall be allowed to deduct from their taxable income to the extent of one hundred-fifty percentum (150%) of the amount of overseas freight expenses and arrastre charges in Philippine ports on goods shipped from port of source to the Philippines, provided that shipments are made on board vessels of Philippine registry.
SECTION 3. Enterprises that are registered with the Board of Investments shall be allowed to deduct from their taxable income two hundred percentum (200%) of shipping costs incurred in the transport of their product and raw materials to or from foreign ports, provided that shipments are made on board vessels of Philippine registry.
SECTION 4. The pertinent provisions of the National Internal Revenue Code, Investments Incentives Act, Export Incentives Act, and all laws, decrees, rules and regulations, or parts thereof, inconsistent with any of the provisions of this Decree are hereby repealed, amended or modified accordingly. aisa dc
SECTION 5. This Decree shall take effect immediately.
DONE in the City of Manila, this 5th day of March, in the year of Our Lord, Nineteen Hundred and Seventy-Five.
Cite This Law
Granting the Shipping Industry Additional Deductible Items for Income Tax Purposes, Presidential Decree No. 667, Mar 5, 1975 (Philippines)
Granting the Shipping Industry Additional Deductible Items for Income Tax Purposes, Presidential Decree No. 667 (Phil. 1975)
Related Laws
- Direct Incentives for Development of Philippine Overseas ShippingPresidential Decree No. 806 • Oct 3, 1975 • Presidential Issuances
- Encouraging Investments in Newly Constructed Ships or Brand New Vessels in the Domestic Shipping IndustryExecutive Order No. 909 • Jun 29, 2010 • Presidential Issuances
- Philippine Overseas Shipping Development ActRepublic Act No. 7471 • May 5, 1992 • Statutes
- Adjustment of Income Tax ExemptionsRepublic Act No. 7167 • Dec 19, 1991 • Statutes
- Implementing the Income Tax Provisions of Republic Act No. 10963Revenue Regulations No. 08-18 • Jan 25, 2018 • Implementing Rules and Regulations
- Granting Income Tax Exemption to Local Water DistrictsRepublic Act No. 10026 • Mar 11, 2010 • Statutes
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