Republic Act No. 1490: An act to amend section one hundred and thirty-seven of commonwealth act numbered four hundred and sixty-six, otherwise known as the national internal revenue code

Republic Act No. 1490

An act to amend section one hundred and thirty-seven of commonwealth act numbered four hundred and sixty-six, otherwise known as the national internal revenue code

An Act to Amend Section One Hundred and Thirty-Seven of Commonwealth Act Numbered Four Hundred and Sixty-Six, Otherwise Known as the National Internal Revenue Code

In plain language

Republic Act No. 1479 amends Section 137 of Commonwealth Act No. 466 to establish specific tax rates on cigars and cigarettes, define rates based on wholesale price tiers, address mechanically wrapped cigarettes, and require manufacturers and importers to file sworn statements of prices and costs.

Amendment to Section 137 of Commonwealth Act No. 466 to set specific tax rates for cigars and cigarettes.

Defines tax rates based on wholesale price tiers for cigars and cigarettes.

Includes provisions for mechanically wrapped or packed cigarettes with higher tax rates.

Requires manufacturers and importers to file sworn statements of maximum wholesale prices, costs, and expenses.

Establishes maximum wholesale price as determinant for tax rate, with provisions for cost-based calculation when lower.

taxation

cigars

cigarettes

internal revenue

Philippines

REPUBLIC ACT No. 1490

An Act Declaring Shortages in Certain Construction Materials and Authorizing the President of the Philippines to Reduce Tariff Rates for Such Construction Materials

Be it enacted by the Senate and House of Representatives of the Philippine Congress Assembled:

Section 1

In view of the shortage of the materials hereinafter specified, the President of the Philippines, upon prior investigation by and recommendation of the National Economic Council, which shall conduct public hearings to determine the acuteness of the shortage demanding the reduction considering public interest, is hereby authorized to reduce the present rates of tariff duty provided under existing law by not more than the corresponding percentage as follows:

| "1. Cement | 70% | | --- | --- | | 2. Steel, reinforcing and structural | 75% | | 3. Asphalt | 100% | | 4. G.I. sheets and building hardwares | 75% | | 5. Pipes and plumbing materials | 75% | | 6. Electric wires | 75% |

Section 2

The authority herein granted and the rates as reduced by the President under the authority of this Act shall terminate upon the enactment of a new tariff law.

Section 3

This Act shall take effect upon its approval.

Approved: June 16, 1956.

For information and research only, and not legal advice. This text may not reflect later amendments. For certified copies, refer to the Official Gazette or the issuing agency.