(a) Commissions and
brokerage fees (except buying commissions);
(b) Cost of containers;
(c) The cost of packing,
whether for labour or materials;
(d) The value, apportioned as appropriate, of the following goods and
services: materials, components, parts and similar items incorporated in the
imported goods; tools; dies; moulds and similar items used in the production
of imported goods; materials consumed in the production of the imported goods;
and engineering, development, artwork, design work and plans and sketches
undertaken elsewhere than in the Philippines and necessary for the production
of imported goods, where such goods and services are supplied directly or
indirectly by the buyer free of charge or at a reduced cost for use in
connection with the production and sale for export of the imported goods;
(e) The amount of royalties and license fees related to the goods being valued
that the buyer must pay, either directly or indirectly, as a condition of sale
of the goods to the buyer;
(2) The value of any part of the proceeds of any subsequent resale,
disposal or use of the imported goods that accrues directly or indirectly to
the seller;
(3) The cost of transport of the imported goods from the port of
exportation to the port of entry in the Philippines;
(4) Loading, unloading and handling charges associated with the transport
of the imported goods from the country of exportation to the port of entry in
the Philippines; and
(5) The cost of
insurance.
All additions to the price actually paid or payable shall be made only on the
basis of objective and quantifiable data.
No additions shall be made to the price actually paid or payable in
determining the customs value except as provided in this Section: Provided,
That Method One shall not be used in determining the dutiable value of
imported goods if:
(a) There are restrictions as to the disposition or use of the goods by the
buyer other than restrictions which:
(i) Are imposed or required by law or by Philippine authorities;
(ii) Limit the
geographical area in which the goods may be resold; or
(iii) Do not substantially
affect the value of the goods.
(b) The sale or price is subject to some condition or consideration for
which a value cannot be determined with respect to the goods being valued;
(c) Part of the proceeds of any subsequent resale, disposal or use of the
goods by the buyer will accrue directly or indirectly to the seller, unless an
appropriate adjustment can be made in accordance with the provisions hereof;
or
(d) The buyer and the seller are related to one another, and such
relationship influenced the price of the goods. Such persons shall be deemed
related if:
(i) They are officers or
directors of one another’s businesses;
(ii) They are legally
recognized partners in business;
(iii) There exists an
employer-employee relationship between them;
(iv) Any person directly
or indirectly owns, controls or holds five percent (5%) or more of the
outstanding voting stock or shares of both seller and buyer;
(v) One of them directly
or indirectly controls the other;
(vi) Both of them are
directly or indirectly controlled by a third person;
(vii) Together they
directly or indirectly control a third person; or
(viii) They are members of
the same family, including those related by affinity or consanguinity up to
the fourth civil degree.
Persons who are associated in business with one another in that one is the
sole agent, sole distributor or sole concessionaire, however described, of the
other shall be deemed to be related for the purposes of this Act if they fall
within any of the eight (8) cases above.
(B) Method Two. – Transaction Value of Identical Goods.
– Where the dutiable value cannot be determined under method one, the
dutiable value shall be the transaction value of identical goods sold for
export to the Philippines and exported at or about the same time as the goods
being valued. "Identical goods" shall mean goods which are the same
in all respects, including physical characteristics, quality and reputation.
Minor differences in appearances shall not preclude goods otherwise conforming
to the definition from being regarded as identical.
(C) Method Three. – Transaction Value of Similar Goods.
– Where the dutiable value cannot be determined under the preceding method,
the dutiable value shall be the transaction value of similar goods sold for
export to the Philippines and exported at or about the same time as the goods
being valued. "Similar goods" shall mean goods which, although not
alike in all respects, have like characteristics and like component materials
which enable them to perform the same functions and to be commercially
interchangeable. The quality of the goods, their reputation and the existence
of a trademark shall be among the factors to be considered in determining
whether goods are similar.
If the dutiable value still cannot be determined through the successive
application of the two immediately preceding methods, the dutiable value shall
be determined under method four or, when the dutiable value still cannot be
determined under that method, under method five, except that, at the request
of the importer, the order of application of methods four and five shall be
reversed: Provided, however, That if the Commissioner of Customs deems
that he will experience real difficulties in determining the dutiable value
using method five, the Commissioner of Customs may refuse such a request in
which event the dutiable value shall be determined under method four, if it
can be so determined.
(D) Method Four. – Deductive Value. – The dutiable value of
the imported goods under this method shall be the deductive value which shall
be based on the unit price at which the imported goods or identical or similar
imported goods are sold in the Philippines, in the same condition as when
imported, in the greatest aggregate quantity, at or about the time of the
importation of the goods being valued, to persons not related to the persons
from whom they buy such goods, subject to deductions for the following:
(1) Either the commissions usually paid or agreed to be paid or the
additions usually made for profit and general expenses in connection with
sales in such country of imported goods of the same class or kind;
(2) The usual costs of transport and insurance and associated costs
incurred within the Philippines; and
(3) Where appropriate, the costs and charges referred to in subsection
(A) (3), (4) and (5); and
(4) The customs duties and other national taxes payable in the
Philippines by reason of the importation or sale of the goods.
If neither the imported goods nor identical nor similar imported goods are
sold at or about the time of importation of the goods being valued in the
Philippines in the conditions as imported, the customs value shall, subject to
the conditions set forth in the preceding paragraph hereof, be based on the
unit price at which the imported goods or identical or similar imported goods
sold in the Philippines in the condition as imported at the earliest date
after the importation of the goods being valued but before the expiration of
ninety (90) days after such importation.
If neither the imported goods nor identical nor similar imported goods are
sold in the Philippines in the condition as imported, then, if the importer so
requests, the dutiable value shall be based on the unit price at which the
imported goods, after further processing, are sold in the greatest aggregate
quantity to persons in the Philippines who are not related to the persons from
whom they buy such goods, subject to allowance for the value added by such
processing and deductions provided under Subsections (D)(1), (2), (3) and (4)
hereof.
(E) Method Five. – Computed Value. – The dutiable value
under this method shall be the computed value which shall be the sum of:
(1) The cost or the value of materials and fabrication or other
processing employed in producing the imported goods;
(2) The amount for profit and general expenses equal to that usually reflected
in the sale of goods of the same class or kind as the goods being valued which
are made by producers in the country of exportation for export to the
Philippines;
(3) The freight, insurance fees and other transportation expenses for the
importation of the goods;
(4) Any assist, if its value is not included under paragraph (1) hereof;
and
(5) The cost of containers and packing, if their values are not included
under paragraph (1) hereof.
The Bureau of Customs shall not require or compel any person not residing in
the Philippines to produce for examination, or to allow access to, any account
or other record for the purpose of determining a computed value. However,
information supplied by the producer of the goods for the purposes of
determining the customs value may be verified in another country with the
agreement of the producer and provided they will give sufficient advance
notice to the government of the country in question and the latter does not
object to the investigation.
(F) Method Six. – Fallback Value. – If the dutiable value
cannot be determined under the preceding methods described above, it shall be
determined by using other reasonable means and on the basis of data available
in the Philippines.
If the importer so requests, the importer shall be informed in writing of the
dutiable value determined under Method Six and the method used to determine
such value.
No dutiable value shall be
determined under Method Six on the basis of:
(1) The selling price in the Philippines of goods produced in the
Philippines;
(2) A system that provides for the acceptance for customs purposes of the
higher of two alternative values;
(3) The price of goods in the domestic market of the country of
exportation;
(4) The cost of production, other than computed values, that have been
determined for identical or similar goods in accordance with Method Five
hereof;
(5) The price of goods for export to a country other than the
Philippines;
(6) Minimum customs values; or
(7) Arbitrary or fictitious values.
If in the course of determining the dutiable value of imported goods, it
becomes necessary to delay the final determination of such dutiable value, the
importer shall nevertheless be able to secure the release of the imported
goods upon the filing of a sufficient guarantee in the form of a surety bond,
a deposit, cash or some other appropriate instrument in an amount equivalent
to the imposable duties and taxes on the imported goods in question
conditioned upon the payment of customs duties and taxes for which the
imported goods may be liable: Provided, however, That goods, the
importation of which is prohibited by law shall not be released under any
circumstance whatsoever.
Nothing in this Section shall be construed as restricting or calling into
question the right of the Collector of Customs to satisfy himself as to the
truth or accuracy of any statement, document or declaration presented for
customs valuation purposes. When a declaration has been presented and where
the customs administration has reason to doubt the truth or accuracy of the
particulars or of documents produced in support of this declaration, the
customs administration may ask the importer to provide further explanation,
including documents or other evidence, that the declared value represents the
total amount actually paid or payable for the imported goods, adjusted in
accordance with the provisions of Subsection (A) hereof.
If, after receiving further information, or in the absence of a response, the
customs administration still has reasonable doubts about the truth or accuracy
of the declared value, it may, without prejudice to an importer’s right to
appeal pursuant to Article 11 of the World Trade Organization Agreement on
customs valuation, be deemed that the customs value of the imported goods
cannot be determined under Method One. Before taking a final decision, the
Collector of Customs shall communicate to the importer, in writing if
requested, his grounds for doubting the truth or accuracy of the particulars
or documents produced and give the importer a reasonable opportunity to
respond. When a final decision is made, the customs administration shall
communicate to the importer in writing its decision and the grounds therefor."
SEC. 2. Section 1302 of Part 2, Title IV of the Tariff and Customs Code
of the Philippines, as amended, is hereby further amended to read as follows:
"Sec. 1302. Import Entries. – All imported articles, except
importations admitted free of duty under Subsection "k", Section one
hundred and five of this Code, shall be subject to a formal or informal entry.
Articles of a commercial nature intended for sale, barter or hire, the
dutiable value of which is Two thousand pesos (P2,000.00) or less, land
personal and household effects or articles, not in commercial quantity,
imported in passenger’s baggage, mail or otherwise, for personal use, shall
be cleared on an informal entry whenever duty, tax or other charges are
collectible.
The Commissioner may, upon instruction of the Secretary of Finance, for the
protection of domestic industry or of the revenue, require a formal entry,
regardless of value, whatever be the purpose and nature of the importation.
A formal entry may be for immediate consumption, or under irrevocable domestic
letter of credit, bank guarantee or bond for:
(a) Placing the article in
customs bonded warehouse;
(b) Constructive
warehousing and immediate transportation to other port of the Philippines
upon proper examination and appraisal; or
(c) Constructive
warehousing and immediate exportation.
Import entries under irrevocable domestic letter of credit, bank guarantee or
bond shall be subject to the provisions of Title V, Book II of this Code.
All importations entered under formal entry shall be covered by a letter of
credit or any other verifiable document evidencing payment."
SEC. 3. Section 1407 of Part 3 Title IV of the Tariff and Customs Code of
the Philippines, as amended, is hereby further amended to read as follows:
"SEC. 1407. Readjustment of Appraisal, Classification or Return. - Such
appraisal, classification or return as finally passed upon and approved or
modified by the Collector shall not be altered or modified in any manner,
except:
(a) Within one year after payment of the duties, upon statement of error in
conformity with Section seventeen hundred and seven hereof, approved by the
Collector.
(b) Within fifteen days after such payment upon request for reappraisal and/or
reclassification addressed to the Commissioner by the Collector, if the
appraisal and/or classification is deemed to be low.
(c) Upon request for reappraisal and/or reclassification, in the form of a
timely protest addressed to the Collector by the interested party if the
latter should bed dissatisfied with the appraisal or return.
(d) Upon demand by the Commissioner of Customs after the completion of
compliance audit pursuant to the provisions of this Code."
SEC. 4. Section 1603 of Part 5, Title IV of the Tariff and Customs Code
of the Philippines, as amended, is hereby further amended to read as follows:
"SEC. 1603. Finality of Liquidation. When articles have been
entered and passed free of duty or final adjustments of duties made, with
subsequent delivery, such entry and passage free of duty or settlements of
duties will, after the expiration of three (3) years from the date of the
final payment of duties, in the absence of fraud or protest or compliance
audit pursuant to the provisions of this Code, be final and conclusive upon
all parties, unless the liquidation of the import entry was merely
tentative."
SEC. 5. A new section to be known as Section 2317 is hereby inserted
under Part 2, Title VI of the Tariff and Customs Code of the Philippines, as
amended, which shall read as follows:
"SEC. 2317. Government’s Right of Compulsory Acquisition. – In
order to protect government revenues against the undervaluation of goods
subject to ad valorem duty, the Commissioner of Customs may acquire
imported goods under question for a price equal to their declare customs value
plus any duties already paid on the goods, payment for which shall be made
within ten (10) working days from issuance of a warrant signed by the
Commissioner of Customs for the acquisition of such goods.
An importer who is dissatisfied with a decision of the Commissioner of Customs
pertaining to this section may, within twenty (20) working days after the date
on which notice of the decision is given, appeal to the Secretary of Finance
and thereafter if still dissatisfied, to the court of Tax Appeals as provided
for in Section 2402 of the Tariff and Customs Code of the Philippines, as
amended.
Where no appeal is made by the importer, or upon reaffirmation of the
commissioner’s decision during the appeals process, the Bureau of Customs or
its agent shall sell the acquired goods pursuant to existing laws and
regulations.
Nothing in this Section limits or affects any other powers of the Bureau of
Customs with respect to the disposition of the goods or any liability of the
importer or any other person with respect to an offense committed in the
importation of the goods."
SEC. 6. Section 2401 of Part, Title VI of the Tariff and Customs Code
of the Philippines, as amended, is hereby further amended to read as follows:
"SEC. 2401. Supervision and Control Over Criminal and Civil
Proceedings. - Civil and criminal actions and proceedings instituted in
behalf of the government under the authority of this Code or other law
enforced by the Bureau shall be brought in the name of the government of the
Philippines and shall be conducted by customs but no civil or criminal action
for the recovery of duties or the enforcement of any fine, penalty or
forfeiture under this Code shall be filed in court without the approval of the
Commissioner."
SEC. 7. Section 2606 of Part 5, Title VI of the Tariff and Customs Code
of the Philippines, as amended, is hereby further amended to read as follows:
"SEC. 2606. Disposition of Surplus from the Proceeds of Sale of
Abandoned or Forfeited or Acquired Articles. - Except in the case of the
sale of abandoned or forfeited articles, and articles which are not claimed by
payment of duties, taxes and other charges and compliance with all legal
requirements within the prescribed period, any surplus remaining after the
satisfaction of all unlawful charges as aforesaid shall be retained by the
Collector for ten (10) days subject to the call of the owner.
Upon failure of the owner to claim such surplus within this period, the
Collector shall deposit such amount in a special trust fund which shall be
used solely for the purpose of financing the compulsory acquisition of
imported goods by the government as provided in Section 2317 hereof.
In all such cases the Collector shall report fully his action in the matter,
together with all the particulars, to the Commissioner and to the Chairman on
Audit. After one year, the unused amounts in such special trust funds, except
for an amount necessary to finance forced government acquisitions before the
first auction of the succeeding year, shall be turned over to the Bureau of
Treasury as customs receipts."
SEC. 8. A new section to be known as Section 3514 is hereby inserted
in Part, 2 Title VII of the Tariff and Customs Code of the Philippines, as
amended, which shall read as follows:
"SEC. 3513. Requirement to Keep Records. - All importers are
required to keep at their principal place of business, in the manner
prescribed by regulations to be issued by the Commissioner of Customs and for
a period three (3) years from the date of importation, all the records of
their importations and/or books of accounts, business and computer systems and
all customs commercial data including payment records relevant for the
verification of the accuracy of the transaction value declared by the
importers/customs brokers on the import entry.
All brokers are required to keep at their principal place of business, in the
manner prescribed by regulations to be issued by the Commissioner of Customs
and for a period of three (3) years from the date of importation copies of the
above mentioned records covering transactions that they handle."
SEC. 9. A new section to be known as Section 3515 is hereby inserted in
Part 2, Title VII of the Tariff and Customs Code of the Philippines, as
amended, which shall read as follows:
"SEC. 3515. Compliance Audit or Examination of Records. - The
importers/customs brokers shall allow any customs officer authorized by the
Bureau of Customs to enter during office hours any premises or place where the
records referred to in the preceding section are kept to conduct audit
examination, inspection, verification and/or investigation of those records
either in relation to specific transactions or to the adequacy and integrity
of the manual or electronic system or systems by which such records are
created and stored. For this purpose. A duty authorized customs officer shall
be full and free access to all books, records, and documents necessary or
relevant for the purpose of collecting the proper duties and taxes.
In addition, the authorized customs officer may make copies of, or take
extracts from any such documents. The records or documents must, as soon as
practicable after copies of such have been taken, be returned to the person in
charge of such documents.
A copy of any such document certified by or on behalf of the importer/broker
is admissible in evidence in all courts as if it were the original.
An authorized customs officer is not entitled to enter any premises under this
Section unless, before so doing, the officer produces to the person occupying
or apparently in charge of the premises written evidence of the fact that he
or she is an authorized officer. The person occupying or apparently in charge
of the premises entered by an officer shall provide the officer with all
reasonable facilities and assistance for the effective exercise of powers
under this Section.
Unless otherwise provided herein or in other provisions of law, the Bureau of
Customs may, in case of disobedience, invoke the aid of the proper regional
trial court within whose jurisdiction the matter falls. The court may punish
contumacy or refusal as contempt. In addition, the fact that the
importer/broker denies the authorized customs officer full and free access to
importation records during the conduct of a post-entry audit shall create a
presumption of inaccuracy in the transaction value declared for their imported
goods and constitute grounds for the Bureau of Customs to conduct a
re-assessment of such goods.
This is without prejudice to the criminal sanctions imposed by this Code and
administrative sanctions that the Bureau of Customs may impose against
contumacious importers under existing laws and regulations including the
authority to hold delivery or release of their imported articles."
SEC. 10. A new Section to be known as Section 3516 is hereby inserted
in Part 2, Title VII of the Tariff and Customs Code of the Philippines, as
amended, which shall read as follows:
"SEC. 3516. Scope of the Audit. –
(a) The audit of importers
shall be undertaken:
(1) When firms are selected by a computer-aided risk management system, the
parameters of which are to be based on objective and quantifiable data and are
to be approved by the Secretary of Finance upon recommendation of the
Commissioner of Customs. The criteria for selecting firms to be audited shall
include, but not be limited to, the following:
(a) Relative magnitude of
customs revenue from the firm;
(b) The rates of duties of
the firm’s imports;
(c) The compliance tract
records of the firm; and
(d) An assessment of the
risk to revenue of the firm’s import activities.
(2) When errors in the import declaration are detected;
(3) When firms voluntarily request to be audited, subject to the approval of
the Commissioner of Customs.
(b) Brokers shall be audited to validate audits of their importer clients
and/or fill information gaps revealed during an audit of their importers
clients."
SEC. 11. A new Section to be known as Section 3517 is hereby inserted
in Part 2, Title VII of the Tariff and Customs Code of the Philippines, as
amended, which shall read as follows:
"SEC. 3517. Documents in Foreign Language. - Where a document in a
foreign language is presented to a customs officer in relation to the carrying
out of any duty or the exercise of any power of the Bureau of Customs under
this Code, said document in a foreign language must be accompanied with a
translation in the official language of this country."
SEC. 12. A new Section to be known as Section 3518 is hereby inserted
in Part 2, Title VII of the Tariff and Customs Code of the Philippines, as
amended, which shall read as follows:
"Sec. 3518. Records to Be Kept by Customs. – The Bureau of
Customs shall likewise keep a record of audit results in a database of
importer and broker profiles, to include but not be limited to:
(a) Articles of
Incorporation;
(b) The company structure,
which shall include but not be limited to:
(1) Incorporators and Board of Directors;
(2) Key officers; and
(3) Organizational
structure;
(c) Key importations;
(d) Privileges enjoyed;
(e) Penalties; and
(f) Risk category (ies)."
SEC. 13. Part 3, Title VII of the Tariff and Customs Code of the
Philippines, as amended, shall be renamed as "PROVISIONS ON
PENALTIES".
SEC. 14. Section 3604 of Part 3, Title VII of the Tariff and Customs
Code of the Philippines, as amended, is hereby further amended to read as
follows:
"SEC. 3604. Statutory Offenses of Officials and Employees. - Every
official, agent or employee of the Bureau or of any other agency of the
government charged with the enforcement of the provisions of this Code, who is
guilty of any delinquency herein below indicated shall be punished with a fine
of not less than Five thousand pesos nor more than Fifty thousand pesos and
imprisonment for not less than one year nor more than ten years and perpetual
disqualification to hold public office, to vote and to participate in any
public election:
(a) Those guilty of
extortion or willful oppression under color of law;
(b) Those who knowingly demand other or greater sums than are authorized by
law or receive any fee, compensation, or reward except as by law prescribed,
for the performance of any duty;
(c) Those who willfully neglect to give receipts, as required by law for any
sum collection the performance of duty, or who willfully neglect to perform
any of the duties enjoined by law;
(d) Those who knowingly demand other or greater sums than are authorized by
law or receive any fee, compensation, or reward except as by law prescribed,
for the performance of any duty;
(e) Those who willfully make opportunity for any person to defraud the customs
revenue or who do or fail to do any act with intent to enable any person to
defraud said revenue;
(f) Those who negligently or designedly permit the violation of the law by any
other person;
(g) Those who make or sign any false entry or entries in any book, or make or
sign any false certificate or return in any case where the law requires the
making by them of such entry, certificate or return;
(h) Those who, having knowledge or information of a violation of the Tariff
and Customs Law or any fraud committed on the revenue collectible by the
Bureau, fail to report such knowledge or information to their superior
official or to report as otherwise required by law;
(i) Those who, without the authority of law, demand or accept or attempt to
collect directly or indirectly as payment of otherwise, any sum of money or
other thing of value for the compromise, adjustment, or settlement of any
charge or complaint for any violation or alleged violation of law; or
(j) Those, without authority of law, disclose confidential information gained
during any investigation or audit, or use such information for personal gain
or to the detriment of the government, the Bureau or third parties."
SEC. 15. A new section to be known as Section 3610 is hereby inserted
in Part 3, Title VII of the Tariff and Customs Code of the Philippines, as
amended, which shall read as follows:
"SEC. 3610. Failure to Keep Importation Records and Give Full Access
to Customs Officers. - Any person who fails to keep all the records of
importations and/or books of accounts, business and computer systems and all
customs commercial data in the manner prescribed in Part 2, Section 3514 of
this Title shall be punished with a fine of not less than One hundred thousand
pesos (P100,000.00) but not more than Two hundred thousand pesos (P200,000.00)
and/or imprisonment of not less than two (2) years and one day but not more
than six (6) years. This penalty shall likewise be imposed against
importers/brokers who deny an authorized customs officer full and free access
to such records, books of accounts, business and computer systems, and all
customs commercial data including payment records. This is without prejudice
to the administrative sanctions that the Bureau of Customs may impose against
the contumacious importers under existing laws and regulations including the
authority to hold delivery or release of their imported articles."
SEC. 16. A new section to be known as Section 3611 is hereby inserted
in Part 3, Title VII of the Tariff and Customs Code of the Philippines, as
amended, which shall read as follows:
"SEC. 3611. Failure to Pay correct Duties and Taxes on Imported Goods.
- Any person who, after being subjected to post-entry audit and
examination as provided in Section 3515 of Part 2, Title VII hereof, is found
to have incurred deficiencies in duties and taxes paid for imported goods,
shall be penalized according to three (3) degrees of culpability subject to
any mitigating, aggravating or extraordinary factors that are clearly
established by the available evidence:
(a) Negligence - When the deficiency results from an offender’s failure,
through an act or acts of omission or commission, to exercise reasonable care
and competence to ensure that a statement made is correct, it shall be
determined to be negligent and punishable by a fine equivalent to not less
than one-half (1/2) but not more than two (2) times the revenue loss.
(b) Gross Negligence - When a deficiency results from an act or acts of
omission or commission done with actual knowledge or wanton disregard for the
relevant facts and with indifference to or disregard for the offender’s
obligation under the statute, it shall be determined to be grossly negligent
and punishable by a fine equivalent to not less than two and a half (2 ½) but
not more than four(4) times the revenue loss.
(c) Fraud - When the material false statement or act in connection with the
transaction was committed or omitted knowingly, voluntarily and intentionally,
as established by clear and convincing evidence, it shall be determined to be
fraudulent and be punishable by a fine equivalent to not less than five (5)
times but not more than eight (8) times the revenue loss and imprisonment of
not less than two (2) years but not more than eight (8) years.
The decision of the Commissioner of Customs, upon proper hearing, to impose
penalties as prescribed in this Section may be appealed in accordance with
Section 2402 hereof."
SEC. 17. The following provisions of the Tariff and Customs Code of the
Philippines, as amended, are renumbered as follows:
(a) Section 3514 of Part 2, Title VII ("Words and Phrases Defined")
is renumbered as Section 3519; and
(b) Section 3610 of Part 3, Title VII ("Violations of Tariff and customs
Laws and Regulations in General") is renumbered as Section 3612.
SEC. 18. Rules and Regulations. - The Secretary of Finance
shall, upon the recommendation of the Commissioner of Customs, promulgate the
necessary rules and regulations for the effective implementation of this Act.
SEC. 19. Repealing Clause. - All laws, decrees, executive
orders, rules and regulations and other issuances or parts thereof which are
inconsistent with this Act are hereby repealed or modified accordingly.
SEC. 20. Effectivity. - This Act shall take effect fifteen (15)
days after its publication in the Official Gazette or in any two (2)
newspapers of general circulation, whichever date comes earlier.
Approved,
