Legislative History
| House Bill/Resolution NO. HB12871 |
| FULL TITLE : AN ACT TO REDUCE THE CURRENTLY IMPOSED IMPORT DUTIES IN FINISHED MEDICINE AND ON RELATED RAW MATERIALS AND FOR OTHER PURPOSES |
| ABSTRACT : Pursuant to this Act, all import duties on finished medicines ccurrently imposed at five (5%) percent shall be REDUCED to three percent (3%); Provided, that the said reduction shall be imposed only for five (5) years upon the effectivity of this Act; Provided, further, that such reduction shall be reviewed after five (5) years of its implementation and two (2) years thereafter to assess whether or not such reduction is indeed serving its purposes and intent. Subject to the stipulations in Section 1 hereof, import duties on raw materials necessary for the manufacture of above-said medicines shall further be reduced from the currently imposed three percent (3%) to one percent(1%). |
| PRINCIPAL AUTHOR/S : BARINAGA, ROSELLER L. |
| DATE FILED : 2001-01-23 |
| SIGNIFICANCE: NATIONAL |
| ADMINISTRATION BILL? No |
| URGENT BILL? No |
| ACTIONS TAKEN BY THE COMMITTEE ON RULES |
| REFERRAL TO THE COMMITTEE ON WAYS AND MEANS ON 2001-02-05 |
Abstract
Pursuant to this Act, all import duties on finished medicines ccurrently imposed at five (5%) percent shall be REDUCED to three percent (3%); Provided, that the said reduction shall be imposed only for five (5) years upon the effectivity of this Act; Provided, further, that such reduction shall be reviewed after five (5) years of its implementation and two (2) years thereafter to assess whether or not such reduction is indeed serving its purposes and intent. Subject to the stipulations in Section 1 hereof, import duties on raw materials necessary for the manufacture of above-said medicines shall further be reduced from the currently imposed three percent (3%) to one percent(1%).
Disclaimer
Note: Legislative history and other information accessed from Congress Legis. Information as of April 20, 2022.