Home›Statutes›Executive Orders›Executive Order No. 492 (1978)
Executive Order No. 492 (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
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 After the effective date of this Order, all the above-described articles entered or withdrawn from warehouse in the Philippines for consumption shall be subject to the rates of import duty herein prescribed subject to qualification under the Rules of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