REPUBLIC ACT NO. 3005, June 18, 1960
AN ACT TO AMEND PARAGRAPHS 71.02, 71.03 AND 71.04 OF CHAPTER 71, SCHEDULE XIV, OF REPUBLIC ACT NUMBERED NINETEEN HUNDRED THIRTY-SEVEN, OTHERWISE KNOWN AS TARIFF AND CUSTOMS CODE…
SECTION 1. Paragraph 71.02 of Chapter 71, Schedule XIV of Republic Act Numbered Nineteen hundred thirty-seven, is hereby amended to read as follows:
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“Precious and semiprecious stones, unworked, cut or otherwise worked, but neither set nor strung (except ungraded stones temporarily strung for convenience of transport): |
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A. Industrial diamonds ………………………………………………..
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ad val. 10%
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B. Others………………………………………………………………….
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ad val. 150%”
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SEC. 2. Paragraph 71.03 of Chapter 71, Schedule XIV of Republic Act Numbered Nineteen hundred thirty-seven, is hereby amended to read as follows:
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“Synthetic or reconstructed precious or semiprecious stones, unworked, cut or otherwise worked, but neither set nor strung (except ungraded stones temporarily strung for convenience of transport): |
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A. Industrial diamonds ………………………………………………..
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ad val. 10%
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B. Others………………………………………………………………….
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ad val. 100%”
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SEC. 3. Paragraph 71.04 of Chapter 71, Schedule XIV of Republic Act Numbered Nineteen hundred thirty-seven, is hereby amended to read as follows:
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“Dust and powder of natural or synthetic precious or semiprecious stones ………. |
ad val. 10%”
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SEC. 4. This Act shall take effect upon its approval.
Enacted without Executive approval, June 19, 1960.