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EXECUTIVE ORDERS
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EXECUTIVE ORDER NO. 581 -
RE-IMPOSING THE EXPORT TAX AND PREMIUM DUTY
WHEREAS,
mineral products, lumber and veneer were originally included in the
list of products subject to the export tax and premium duty pursuant to
Presidential Decree No. 230 and Executive Order No. 425, respectively;
WHEREAS, the imposition of subject levies on these export products was
temporarily suspended because of unfavorable market conditions:
WHEREAS, the prevailing prices of these commodities in the world market
have improved appreciably in recent months compared to the prices
experienced during the past years;
WHEREAS, it is the expressed policy of the government to induce the
processing of traditional export products and encourage the export of
manufactured and semi-manufactured goods;
NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines,
by virtue of the powers vested in me by Sec. 515 of Presidential
Decree No. 1464, as amended, otherwise known as the Tariff and Customs
Code of 1978, do hereby direct and order;
Section 1.
In addition to the export duty, herein referred to as the basic rate,
there shall be levied, assessed and collected a premium duty based on
the difference between the current price as established by the Bureau
of Customs and the base price in accordance with the schedule specified
under the column Premium Duty. Provided that should the current price
of any export product be below the established base price, then only
the basic price upon which the premium duty shall be levied, shall be
ninety per centum (90%) of the average F.O.B. value of the exports
established by the Bureau of Customs for December 1979.
The National Economic and Development Authority, shall from time to
time, review and establish such base prices taking into account, among
others, the cost conditions in various industries.
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Sec. 2.
DONE in the City of Manila,
this 11th day of March, in the year of Our Lord, nineteen hundred and
eighty.
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