Republic Act No. 3005

H. No. 4670 / 57 OG No. 21, 3871 (May 22, 1961)

[ 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 OF THE PHILIPPINES, AND FOR OTHER PURPOSES.

Be it enacted by the Senate and House of Representatives of the Philippines in Congress assembled:

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: "Precious and semiprecious stones, unworked, cut or otherwise worked, but neither set nor strung (except ungraded stones temporarily strung for convenience of transport):

A. Industrial diamonds ad val. 10% ........................................................

B. ad val. 150%" Others............................................................................

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: "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):

A. Industrial diamonds ad val. 10% ........................................................

B. ad val. 100%" Others............................................................................

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: "Dust and powder of natural or synthetic precious or semiprecious stones .......... ad val. 10%"

SEC. 4. This Act shall take effect upon its approval. Enacted without Executive approval, June 19, 1960.Source: Supreme Court E-Library