Republic Act No. 3005

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 Philippine 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. Others ad val. 150%"

Section 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. Others ad val. 100%"

Section 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%

Section 4. This Act shall take effect upon its approval.

Approved: June 19, 1960.