EXECUTIVE ORDER NO. 46

: The main subject is the exemption of the National Rice and Corn Corporation (NARIC) from the payment of the 17% excise tax on foreign exchange used for rice importation.
: The 17% excise tax is imposed under Republic Act No. 601, as last amended by Republic Act No. 1175.
: Section 5(b) of Republic Act No. 663 authorizes the President to exempt the National Rice and Corn Corporation from certain taxes if deemed in the public interest.
: NARIC was exempt from the payment of sales and milling taxes under Republic Act No. 663.
: The exemption is justified on grounds of public interest and the welfare of the people.
: The exemption covers foreign exchange used for payment of the cost, transportation, and other charges incident to rice importation.
: No, the exemption is specifically granted only to the National Rice and Corn Corporation.
: The order took effect on July 10, 1954, the date it was signed.
: The Executive Secretary, Fred Ruiz Castro, attested and signed the executive order on behalf of the President.