TO: | The Secretary Department of Finance The Governor Central Bank of the Philippines |
(SUBJECT: | EXEMPTION FROM PAYMENT OF DUTIES, TAXES AND OTHER ASSESSMENTS ON ARTICLES IMPORTED IN THE PHILIPPINES FOR DISPLAY OR EXHIBITION AT PHILIPPINE CENTER FOR INTERNATIONAL TRADE AND EXHIBITION (PHILCITE) AND AUTHORITY TO REPATRIATE PROCEEDS OF SALE OF SUCH ARTICLES.) |
(1) | Commercial and industrial products or other articles imported into the Philippines to be exhibited at PHILCITE during any international fair, exposition or similar undertaking, shall be exempt from any taxes, customs duties and all forms of assessments, provided, however, that the owners of such products or other articles shall re-export the same within thirty (30) days after such fair, exposition, or other similar undertaking; and provided, furthermore, that the importation of such products or other articles is not prohibited under existing laws, Central Bank Circulars, or other rules and regulations. For this purpose, the said products and other articles shall, after being unloaded from the corresponding ship or carrier, be directly transported and delivered to PHILCITE or its warehouse provided for this purpose. | |
(2) | In the event such products or other articles are sold or otherwise disposed of in the Philippines, the corresponding taxes and duties shall be collected and paid to the national government; except that such products or other articles may be donated tax free to a tax-exempt person or entity; provided, however, that any such sale, donation or other disposition shall be made through PHILCITE or its duly authorized agents. | |
(3) | The provisions of existing laws, Central Bank Circulars, rules and regulations to the contrary notwithstanding, any foreign exhibitor who sells or otherwise disposes of in the Philippines any such products or other articles shall be authorized to repatriate, net of taxes, the proceeds of such sale or other disposition, at the prevailing rate of exchange; provided, however, that the amount to be repatriated, shall not, at any time, exceed the ceiling prescribed by the Central Bank. |