Purpose and courtesy rationale
- The Decree establishes tax exemptions as a gesture of courtesy and good will to participating beauty representatives for the 1974 Miss Universe Beauty Pageant to be held in Manila.
- The Decree is framed as enabling participation and coverage arrangements for the Pageant through specific tax relief.
Scope: prizes exempt from all taxes
- Section 1 exempts all prizes in cash or in kind given to winning candidates and participants in the Miss Universe Beauty Pageant.
- The exemption covers prizes during and in connection with the Pageant.
- The exemption also covers talent fees given to candidates and participants.
- The exemption also covers gifts given to winning candidates and participants.
- The exemptions apply to any and all taxes due to the Philippine Government.
Scope: equipment exempt from customs duties and taxes
- Section 2 exempts television and movie equipment and facilities brought into the Philippines by the technical crew of Miss Universe Inc.
- The exemption applies where the equipment and facilities are to be used for the coverage of the Pageant.
- The exemption covers customs duties and taxes.
- The exemption also covers bonds in lieu thereof.
Conditions and post-Pageant removal rule
- Section 2 requires the listing, specifications, and details of the equipment and facilities to be furnished to the Commissioner of Customs and the Department of Tourism.
- Section 2 requires that none of the equipment and facilities remain in the Philippines after the Pageant.
- If any equipment or facilities remain after the Pageant, full customs duties shall be levied and collected on them.
Implementation by the Secretary of Finance
- Section 3 requires that the Secretary of Finance promulgate all necessary rules and regulations to implement the Decree.