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MINISTRY ORDER NO. I"1'

SUBJECT:

Rules and Regulations Implementing the Provisions of Letter of Instructions No. 1467 dated June 14, 1985 Regarding the Issuance and Use of Tax Credit Certificates.

Pursuant to the provisions of Paragraph 3 of Executive Order No. 765, dated January 13, 1982, as extended by Letter of Instruction No. 1467 to persons and/or corporations awarded contracts W connection with the construction of the AsiAn Development Bank Buildias, thj , am a following rules and regulations are hereby promulgated.

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Section 1. Scope. - These Rules and Regulations shall gove the Persons Qualified, Eligible Importations, Coverage of Cr Use of Tax Credit Certificates, and Procedure for Availmen of T' Credit, for the supply of articles, materials or supplies &Sr th construction of the Asian Development Bank Building. c_ Section 2. TaxCredit area

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Pardons Qualified - The persons qualified for

a) Single Proprietorships, Partnerships, Cooperatives, Corporations or Associations; b) Organized under Philippine Law and licensed to do business in the Philippines; c) Actually engaged in the manufacturkng of articles, materials or supplies, and d) Suppliers of articles, materials or supplies for government projects financed out of the proceeds of foreign loans. Section 3. Eligible Importations - The importations eligible for tqx credit are supplies, raw materials, semi-manufactured components; a) used in the manufacture, processing or production of articles, materials or supplies subject of an international competitive bidding) for the construction of the ADB Building.

b) not locally available and with no suitable substitutes as certified by the Board of Investments.

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Section 4. Coverage of Tax Credit - The Tax Credit shall covert a)

customs duties;

b)

advance sales tax or compensating tax, and

c)

specific tax

actually paid on the importation of Eligible Importations as defined is Section 3 hereof. Thus, a Persons qualified who enjoys partial exemption from any of the duties or taxes enumerated herein, shall avail of the tax credit only to the extent of the duties and taxes actually paid.

Section 5.

Use of Tax Credit Certificates -

1. Tax Credit Certificates issued pursuant to Executive Order No. 765, LOI No. 1467 and these Rules and Regulations may be applied in the settlement of any and all liabilities for which Tax Credit Certificates are authorized to be utilized. 2. Tax Credit Certificates are Non-Transferrable and NonNegotiable. 3. In no case shall the use of a Tax Credit Certificates result in a refund. Section 6. The Committee - The original Committee created under Ministry Order No. 66-82 is hereby empowered to implement the provisions of LOI 1467 and shall invite a representative from the Board of Investment, the Resident Auditor of the Ministry of Finance and a representative of the Philippine Coordinating Committee of the Asian Development Bank (PCC-ADB) Office as permanent observers.

Section 7.

Procedure or Availment -

1. Persons Qualified shall file their respective applications with the PC,C_ADB Office at the Ground Floor ADB Building which in turn shall examine the documents submitted which shall include, among others, the import entries involved, the formula of consumption which shall indicate the actual quantity of imported articles, materials or supplies used, the receipts evidencing payment of customs duties, compensating or advance sales tax or specific tax, the Supply Contract, evidence of receipt and the actual quantities of articles, materials or supplies delivered and the value of tax credit certificate recommended for issuance.

2. The Head, PCC-ADB shall forward said application to the Secretary of the Committee created under Section 6 hereof, at the Fifth Floor, Ministry of Finance Building, Agrifina Circle, Manila, with his recommendations. D. The Secretary of the Committee shall examine the completeness of the Application and forthwith return incomplete applications or include complete application in the Agenda of the next meeting of the Committee. 4. The recommendations of the Committee shall be submitted to the Minister of Finance for final action. 5. The Tax Credit Certificates for approved applications or the letter of denial shall be issued by the Minister of Finance.

This Ministry Order shall take effect June 25, 1985.

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