EXECUTIVE ORDER NO. 492 January 1, 1978
MODIFYING THE RATES OF IMPORT DUTY ON CERTAIN IMPORTED ARTICLES AS PROVIDED UNDER REPUBLIC ACT NO. 1937, OTHERWISE KNOWN AS THE TARIFF AND CUSTOMS CODE OF THE PHILIPPINES, AS AMENDED, IN ORDER TO IMPLEMENT THE MARGINS OF TARRIF PREFERENCE IN ACCORDANCE WITH THE ASEAN AGREEMENT ON PREFERENTIAL TRADING ARRANGEMENTS WITH RESPECT TO CERTAIN ARTICLES NEGOTIATED DURING THE FOURTH MEETING OF THE ASEAN COMMITTEE ON TRADE AND TOURISM
Pursuant to the powers vested in me by Section 402 of Republic Act No. 1937, as amended, I, FERDINAND E. MARCOS, President of the Philippines, do hereby direct and order;
Sec. 1. The articles specifically listed in Annex "A" hereof as classified under Section 104 of Republic Act No. 1937, as amended, shall be accorded the margin of tariff preference as specified in column 4 of said Annex "A" hereof. In effect, such articles shall be subject to the Preferential Tariff for ASEAN indicated in Column 5 of said Annex A.
Sec. 2. In the event that any subsequent changes are made in the basic Philippine rate of duty on any of the abovementioned articles such articles shall automatically be accorded the corresponding margins of preference indicated in column 4 of Annex A.
Sec. 3. After the effective date of this Order, all the above-described articles entered or withdrawn from warehouse in the Philippines for consumption shall be subject to the rates of import duty herein prescribed subject to qualification under the Rules of Origin as prescribed in the Agreement on ASEAN Preferential Trading Arrangements ratified on August 1, 1977.
Sec. 4. This Order shall take effect as of 1 January 1978.
Done in the City of Manila, this 21st day of December, in the year of Our Lord, nineteen hundred and seventy-seven.
|
ANNEX A |
|
BTN |
Product Description |
Present Rate of Duty |
Preferential Margin of Preference |
Tariff for ASEAN |
|
ex. 02.01 |
Meat or Offal from bovine cattle |
10% |
30% |
7% |
|
ex. 07.05 B |
Mongo beans (green and yellow) |
70% |
20% |
56% |
|
10.05 |
Maize |
70% |
20% |
56% |
|
ex. 15.07 |
Palm oil (crude and refined) |
20% |
20% |
16% |
|
ex. 15.07 |
Palm kernel oil |
20% |
20% |
16% |
|
ex. 25.20 |
Crude gypsum |
20% |
20% |
16% |
|
27.01 |
Anthracite coal |
10% |
20% |
8% |
|
ex. 27.13 |
Paraffin wax |
20% |
10% |
18% |
|
ex. 40.11 A |
Tractor tires |
20% |
10% |
18% |
|
70.06 B |
Cast, rolled, drawn or blown glass (including flashed or wired glass) in rectangles, surface ground or polished but not further worked |
70% |
30% |
49% |
|
70.10 B |
Glass jars for baby foods |
50% |
20% |
40% |
|
ex. 84.51 |
Portable electric typewriters |
20% |
20% |
16% |
|
ex. 84.62 |
Ball bearings |
10% |
10% |
9% |
|
ex. 85.24 |
Graphite and carbon electrodes |
30% |
10% |
27% |
EXHIBIT I
Resins, Inc.
Projected Income Statement
Based on 10% and 30% Tariff, Rate
|
SALES |
|
10% |
30% |
|
QTY. |
AMOUNT |
AMOUNT |
|
(MT) |
(P/000) |
|
(P 000) |
|
Export |
1,200 |
3,555 |
3,555 |
|
Domestic |
3,000 |
12,639 |
14,976 |
|
Interplant Transfer |
3,000 |
12,261 |
14,529 |
|
TOTAL |
7,200 |
28,455 |
33,060 |
|
LESS: Cost of Sales |
|
|
|
|
Raw Materials (Net of duty drawback) |
|
19,380 |
19,380 |
|
Direct Labor |
|
259 |
259 |
|
Utilities and Fuel |
|
4,716 |
4,716 |
|
Indirect Labor |
|
430 |
430 |
|
Supplies |
|
420 |
420 |
|
Insurance |
|
122 |
122 |
|
Repairs and Maintenance |
|
775 |
775 |
|
Depreciation |
|
1,524 |
1,524 |
|
Other Expenses |
|
390 |
390 |
|
TOTAL |
|
28,016 |
28,016 |
|
Gross Profit |
|
435 |
5,044 |
|
Loss: |
|
|
|
|
Administrative Expenses |
|
636 |
636 |
|
Financial Charges |
|
1,264 |
1,264 |
|
TOTAL |
|
1,900 |
1,900 |
|
Net Income (loss) Before Tax |
|
-1,461 |
3,144 |
|
Income Tax Due |
|
|
1,090 |
|
Net Income After Tax |
|
|
2,054 |
The Lawphil Project - Arellano Law Foundation
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