Preferential Tariff Rates under ASEAN AICO for Nissan

Ask AI

EXECUTIVE ORDER NO. 245: Preferential Tariff Rates under ASEAN AICO for Nissan

Getting related questions...
What do you want to know about the law?
Your conversations and searches stay on your device. We do not store or track your activity on our servers. To know more about our privacy commitment see jur.ph/privacy Ask AI provides quick answers grounded in full case texts to avoid mistakes. Always verify with the original text.

Ask AI

Title Supreme Court: Preferential Tariff Rates under ASEAN AICO for Nissan

Law: Executive Order No. 245

Decision Date: Oct 3, 2003

Executive Order No. 245, issued by President Gloria Macapagal-Arroyo, modifies import duty rates to implement preferential tariffs for Nissan Motor Philippines, Inc. under the ASEAN Industrial Cooperation Scheme, facilitating the exchange of automotive parts between the Philippines and Thailand.

preferential rates

A

Background and Legal Authority

Philippines is a Contracting Party to the Basic Agreement on the AICO Scheme signed in 1996.
Involves import-export cooperation between Nissan Motor Philippines and Siam Nissan Automobile Co. Ltd. of Thailand.
Executive Order issued under Section 402 of the Tariff and Customs Code of 1978, as amended.

Key Provisions on Duty Rates

Articles listed in Annex A are accorded a 3% AICO preferential tariff rate for Nissan Sentra passenger car parts/components (HS 8703.90).
The AICO rate applies reciprocally to the AICO entity in Thailand.

Adjustment Clause for Tariff Rates

If the Most Favored Nation (MFN) Philippine rate of duty is subsequently lowered below the AICO rate, the lower MFN rate automatically applies.

Conditions for Imposition of Preferential Rates

Preferential rates are applicable upon entry or withdrawal from warehouses for consumption in the Philippines.
Eligibility subject to rules of Origin for CEPT, evidenced by Certificate of Origin - Form "D".

Procedural Requirements for Changes

Revisions to part numbers or AICO companies in Annex A must be communicated to the Bureau of Customs within five days.
Board of Investments responsible for notifying changes after receipt of Certificate of Eligibility (COE) from ASEAN Secretariat.

Effective Date

The Executive Order is effective immediately upon issuance on October 3, 2003.

END