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REPUBLIC ACT NO. 3005

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

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%" 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. Others ad val. 100%" 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.

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