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Customs Duties are taxes levied by a government on goods exported from or imported into the country. They are used in the book to refer to import duties Tariff means a book of rates; a schedule of fees imposed on goods exported from or imported into the country.
Section 401 of the Tariff and Custom Code. Provision of the National Internal Revenue Code which empowered the President, upon the recommendation of the Secretary of Finance to make adjustments on all internal revenue taxes subject to certain conditions and limitations was repealed by Executive Order No. 273 which adopted the value added tax. 1. Authority given- authorizes President. a. To increase, decrease or remove existing protection rates of import duty including any necessary change in classification: b. To establish import quota or ban imports on any commodity as may be necessary. c. To imposed an additional duty on all imports not exceeding its ad valorem whenever necessary. 2. Conditions for its exercise the exercise of the power of the President is subject to the following conditions: a. The increase reduction or removal is necessary in the interest of national economy, general welfare and/ or national defense. b. There must be prior investigation by the Tariff Commission and National Economic Development Authority (NEDA). c. The President may reduce the existing rates of the import duty by not lower than the basic rate of 10% ad valorem or increase them by not higher than a maximum of 100% ad valorem. d. Any order issued by the President under said section shall take effect only 30 days after promulgation, except in the imposition of additional duty not exceeding 10% ad valorem which shall take effect at the discretion of the President.