Republic Act No. 423: An act to amend section one hundred thirty-seven of the national internal revenue code, as amended by republic acts numbered fifty-six and two hundred and nineteen

Republic Act No. 423

An act to amend section one hundred thirty-seven of the national internal revenue code, as amended by republic acts numbered fifty-six and two hundred and nineteen

An Act to Amend Section One Hundred Thirty-Seven of the National Internal Revenue Code, as Amended by Republic Acts Numbered Fifty-Six and Two Hundred and Nineteen

In plain language

This act amends Section 137 of the National Internal Revenue Code to establish specific tax rates on cigars and cigarettes based on wholesale price thresholds, maximum sale price determinations, and a minimum tax on mechanically packed cigarettes, while requiring manufacturers and importers to file sworn statements with the Collector of Internal Revenue.

Specific tax rates on cigars based on wholesale price thresholds

Specific tax rates on cigarettes based on wholesale price thresholds

Maximum sale price rule determining tax rate

Minimum tax of four pesos per thousand on mechanically packed cigarettes

Requirement for manufacturers/importers to file sworn statements with Collector of Internal Revenue

tax

cigars

cigarettes

Philippines

RA 419

REPUBLIC ACT No. 423

AN ACT TO AMEND SECTIONS ONE, TWO AND SEVEN OF REPUBLIC ACT NUMBERED THREE HUNDRED THIRTY

Section 1

Section one of Republic Act Numbered Three hundred thirty is amended to read as follows:

Sec. 1. There is hereby created an Import Control Board to be composed of the Secretary of Commerce and Industry, as chairman, and four members one of whom shall be chosen from the different Chambers of Commerce in the Philippines, and another from the laborers or consumers to be appointed by the President with the consent of the Commission on Appointments.

Section 2

Section two of the same Act is amended to read as follows:

Sec. 2. In order to balance the foreign trade, to conserve the international dollar reserves of the country, to promote and to develop domestic industries, the President, upon recommendation of the Import Control Board, shall fix and allocate quotas of the quantity which may be imported within a certain period of time of each kind or class of nonessential and luxury imports.

Section 3

Section seven of the same Act is amended to read as follows:

Sec. 7. The authority herein granted to the President to regulate the volume of imports by quota or license or permit shall terminate on April thirty, nineteen hundred and fifty." Section 4. This Act and the rules and regulations promulgated heretofore under Republic Act Numbered Three hundred thirty shall take effect on December thirty-one nineteen hundred and forty-nine.

Approved: January 6, 195

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.