Rationalizing the Tax Privilege on the Importations by Registered Enterprises in Subic Special Economic Zone
Executive Order No. 660, issued on September 13, 2007, aims to rationalize the tax privileges for registered enterprises within the Subic Special Economic Zone by ensuring that their imports of raw materials, capital goods, and equipment are strictly for authorized business activities. Any importations exceeding the operational requirements of these businesses will be subject to national internal revenue taxes and customs duties. The order mandates the Bureau of Customs and the Bureau of Internal Revenue, in collaboration with the Subic Bay Metropolitan Authority, to clarify documentation and procedures related to excess importations. This Executive Order repeals any conflicting regulations and takes effect immediately.
Quick Answers
- What is Rationalizing the Tax Privilege on the Importations by Registered Enterprises in Subic Special Economic Zone about?
- Executive Order No. 660, issued on September 13, 2007, aims to rationalize the tax privileges for registered enterprises within the Subic Special Economic Zone by ensuring that their imports of raw materials, capital goods, and equipment are strictly for authorized business activities. Any importations exceeding the operational requirements of these businesses will be subject to national internal revenue taxes and customs duties. The order mandates the Bureau of Customs and the Bureau of Internal Revenue, in collaboration with the Subic Bay Metropolitan Authority, to clarify documentation and procedures related to excess importations. This Executive Order repeals any conflicting regulations and takes effect immediately.
- What type of law is Executive Order No. 660?
- Rationalizing the Tax Privilege on the Importations by Registered Enterprises in Subic Special Economic Zone (Executive Order No. 660) is a Philippine Presidential Issuances enacted by the Congress of the Philippines.
- When was Rationalizing the Tax Privilege on the Importations by Registered Enterprises in Subic Special Economic Zone enacted?
- Rationalizing the Tax Privilege on the Importations by Registered Enterprises in Subic Special Economic Zone (Executive Order No. 660) was enacted on Sep 13, 2007.
- What is the citation for Rationalizing the Tax Privilege on the Importations by Registered Enterprises in Subic Special Economic Zone?
- Rationalizing the Tax Privilege on the Importations by Registered Enterprises in Subic Special Economic Zone, Executive Order No. 660, Sep 13, 2007 (Philippines)
Law Information
- Reference Number
- Executive Order No. 660
- Date Enacted
- Category
- Presidential Issuances
- Subcategory
- Executive Orders
- Jurisdiction
- Philippines
- Enacting Body
- Congress of the Philippines
Full Law Text
September 13, 2007
EXECUTIVE ORDER NO. 660
RATIONALIZING THE TAX PRIVILEGE COVERING IMPORTATIONS BY REGISTERED ENTERPRISES WITHIN THE SUBIC SPECIAL ECONOMIC ZONE, AND FOR OTHER PURPOSES
WHEREAS, under existing law, registered businesses and enterprises within the Subic Special Economic Zone are exempt from national internal revenue taxes and customs duties on their importations of raw materials, capital goods and equipment for their business operations; EDACSa
WHEREAS, there is a need to ensure that raw materials, capital goods and equipment, which will be imported by registered enterprises within the Subic Special Economic Zone, are only those required for their business activities and operations;
WHEREAS, the Government needs additional revenue to finance the country's economic and development programs and projects.
NOW, THEREFORE, I, GLORIA MACAPAGAL-ARROYO, President of the Philippines, by virtue of the powers vested in me by law, do hereby order and direct as follows:
SECTION 1. Importations of registered businesses and enterprises or locators within the Subic Special Economic Zone in excess of the requirements of their registered business or authorized business activity consisting of raw materials, capital goods and equipment shall be deemed brought into or sold within the customs territory and, therefore, subject to the payment of taxes and customs duties in accordance with existing customs and tax laws.
SECTION 2. The Bureau of Customs and the Bureau of Internal Revenue, in coordination with the Subic Bay Metropolitan Authority, shall issue appropriate issuances or circulars to clarify and/or simplify the documentation, procedures, tax treatment and payment of taxes and duties of the excess importations with the end view of effectively implementing this Order. aATHES
SECTION 3. All executive issuances, rules and regulations or parts thereof, which are inconsistent with this Executive Order, are hereby repealed or modified accordingly.
SECTION 4. This Executive Order shall take effect immediately.
DONE in the City of Manila, this 13th day of September, in the Year of Our Lord, Two Thousand and Seven.
Cite This Law
Rationalizing the Tax Privilege on the Importations by Registered Enterprises in Subic Special Economic Zone, Executive Order No. 660, Sep 13, 2007 (Philippines)
Rationalizing the Tax Privilege on the Importations by Registered Enterprises in Subic Special Economic Zone, Executive Order No. 660 (Phil. 2007)
Related Laws
- Further Clarifying the Tax and Duty-Free Privilege Within the Subic Special Economic and Free Port ZoneExecutive Order No. 97-A • Jun 19, 1993 • Presidential Issuances
- Amendment to E.O. No. 97-A s. 1993 Re: Tax and Duty Privileges in the Subic Special Economic and Free Port ZoneExecutive Order No. 675 • Nov 5, 2007 • Presidential Issuances
- Creating Special Economic Zones inside the Clark Freeport ZoneExecutive Order No. 619 • Apr 26, 2007 • Presidential Issuances
- Designating Parcels of Land in Brgy. Cawag, Subic, Zambales to Form Part of Subic Shipyard Special Economic ZoneProclamation No. 1554 • Jul 11, 2008 • Presidential Issuances
- Rules and Regulations Implementing Executive Order No. 675 Entitled "Extending the Secured Area Enjoying the Tax and Duty Free Privileges to the Subic Special Economic and Free Port Zone as Defined by Proclamation No. 532 Dated February 1, 1995"Subic Bay Metropolitan Authority and Bureau of Customs • Mar 30, 2010 • Other Rules and Procedures
- Rules and Regulations for Customs Operations in the Subic Special Economic and Freeport ZoneCustoms Administrative Order No. 004-93 • Aug 10, 1993 • Implementing Rules and Regulations
Browse More Presidential Issuances
Explore other laws in the Presidential Issuances category.
View All Presidential IssuancesNeed Help Understanding This Law?
Ask our AI assistant to explain provisions, implications, or related laws.
Ask AI About This Law