FURTHER AMENDING SECTION 190 OF THE NATIONAL INTERNAL REVENUE CODE, AS AMENDED, EXEMPTING IMPORTATIONS OF AIRCRAFT FOR AGRICULTURAL PURPOSES, SPARE PARTS AND ACCESSORIES THEREOF…

WHEREAS, it is necessary to further accelerate the
development and exploitation of our agricultural resources, increase our
production and thereby enhance considerably the economic development of
the nation;

NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the
Philippines, by virtue of the powers in me vested by the Constitution,
do hereby amend item (4) of the last paragraph of Section 190, of the
National Internal Revenue Code as amended, to wit:

SECTION 1. Item (4) of the last paragraph of Section 190 of
Commonwealth Act No. 466, otherwise known as the National Internal
Revenue Code, is hereby amended further to read as follows:

“SEC. 190. Compensating Tax. —

“The provision of existing laws to the contrary
notwithstanding, exemption from this tax shall be limited to the
following:

x x x

“4. Machineries, equipment, tools for production, plants to
convert mineral ores into saleable form, spare parts, supplies,
materials, accessories, explosives, chemicals, and transportation and
communication facilities imported by and for the use of new mines and
old mines which resume operations, when certified to as such by the
Secretary of Agriculture and Natural Resources upon the recommendation
of the Director of Mines, when certified to as such by the Secretary of
Agriculture and Natural Resources, for a period ending five (5) years
from the first date of actual commercial production of saleable mineral
products: Provided, That such articles arc not locally
available in reasonable quantity, quality and price and are necessary or
incidental in the proper operation of the mine; and aircrafts imported
by agro-industrial companies to be used by them in their agricultural
and industrial operations or activities, spare parts and accessories
thereof.”

SEC. 2. All laws, decrees, orders, rules and regulations
inconsistent herewith are hereby repealed and/or modified accordingly.

SEC. 3. This Decree is hereby made part of the law of
the land and shall take effect immediately.

Done in the City of Manila, this 15th day of March, in the
year of Our Lord, nineteen hundred and seventy-four.