Law Summary
Introduction
Executive Order No. 470, issued on July 21, 1976, by President Ferdinand E. Marcos, modifies the import duty rate on certain articles as provided under Republic Act No. 1937, also known as the Tariff and Customs Code of the Philippines.
Section 1: Import Duty Rate Modification
- Legal Principle: This section specifies the new rate of import duty for a particular article under the Tariff and Customs Code.
- Key Definitions:
- Tariff Heading Number: A classification number used to identify the specific articles for import duty purposes.
- Rate of Duty: The percentage charged as a tax on imported goods.
- Details:
- Article: Hydrogen peroxide (including solid hydrogen peroxide).
- Tariff Heading Number: 28.54.
- Rate of Duty: 50% ad valorem (based on the value of the article).
Section 2: Implementation and Timeframe
- Legal Principle: Establishes the effective date for the new import duty rate.
- Important Requirements:
- The new rate applies to all entries of the specified article into the Philippines.
- Timeframes:
- The rate becomes effective 30 days after the issuance of the order.
Section 3: Price Regulation and Consequences
- Legal Principle: Addresses the regulation of local product prices in light of the tariff change.
- Key Definitions:
- Unwarranted Price Increase: A rise in the prices of local products that is deemed unjustifiable due to the tariff change.
- Consequences:
- Any significant increase in local product prices that can be attributed to the tariff change may lead to the revocation of the tariff modification.
Conclusion
- Issuance: The order was signed in Manila on July 21, 1976, by President Ferdinand E. Marcos, with Juan C. Tuvera as the Presidential Assistant.
Key Takeaways
- Executive Order No. 470 modifies the import duty on hydrogen peroxide to 50% ad valorem.
- The change in duty rate takes effect 30 days after the order's issuance.
- Local product prices must not increase unjustifiably; otherwise, the tariff change could be revoked.