"Sec. 1. Except as herein otherwise provided, there shall be assessed, collected, and paid a special excise tax of seventeen per centum on the value of the Philippine peso of foreign exchange sold and/or authorized to be sold by the Central Bank of the Philippines or any of its agents until June thirteenth, nineteen hundred and fifty-five.1âшphi1
"Sec. 2. The tax provided for in section one of this Act shall not be collected on foreign exchange used for the payment of the cost, transportation and/or other charges incident to importation into the Philippines on flour, canned milk, canned beef, canned fish, chocolate, malt, stabilizer and flavors , vitamin concentrate; supplies and equipment purchased directly by the Government or any of its instrumentalities, for its own exclusive use; machinery, equipment, accessories, and spare parts, for the use of industries, miners, mining enterprises, planters and farmers; and fertilizers when imported by planters or farmers directly or through their cooperatives; articles or containers used, including materials for the manufacture of tin containers used by the importer himself in the manufacture or preparation of local products for consignment or export abroad; textbooks, reference books, and supplementary readers approved by the Board on Textbooks and/or established public or private educational institutions; paper imported by publishers for their exclusive use in the publication of books, pamphlets, magazines and newspapers; carbides, explosives and dynamite for mining purposes; drugs, and medicines, and medical and hospital supplies listed in the appendix of this Act; payment in respect of reinsurance; spare parts to be used in the repair of vessels of Philippine registry or airplanes and such other parts thereof as may be certified by the Hulls and Boilers Division of the Bureau of Customs or the Civil Aeronautics Administration, respectively, as essential to the maintenance of vessels or airplanes payment of purchase price of vessels or ships or any kind or nature intended for Philippine registry, ninety per cent of the ownership of which belongs exclusively to Filipinos, or charter fees of airplanes and vessels of Philippine register; remittances for payment of principal and interests of foreign loan contracted under obligation of the Philippine Government or any of its instrumentalities; payment of premiums by veterans on life insurance policies under the Government or any of its instrumentalities; payment of premiums and other amounts due by policyholders on life insurance policies issued before December nine, nineteen hundred and forty-nine, and payment of machinery and/or raw materials to be used by new and necessary industries as determined in accordance with Republic Act Numbered Thirty-five."
Approved: June 18, 1954.
