Non-Essential and Mineral Products Flashcards
What are the Non-Essential Products?
A. All goods commonly or commercially known as jewelry, whether real or imitation,
pearls, precious and semi-precious stones and imitations thereof; goods made of, or
ornamented, mounted or fitted with, precious metals or imitations thereof, ivory; opera
glasses and lorgnettes. The term ‘precious metals’ shall include platinum, gold, silver
and other metals of similar or greater value. The term ‘imitations thereof ‘ shall
include platings and alloys of such metals;
B. Perfumes and toilet waters;
C. Yachts and other vessels intended for pleasure or sports (inflatable rubber boats with
outboard motors and sailboats).
JEWELRY, OPERA GLASSES, PRECIOUS & SEMI-PRECIOUS STONES, LORGNETTE, PEARLS
rings, bracelets, necklaces, brooches, earrings, watch-chains, fobs, pendants, tie pins, cuff links, combs, tiaras, dress-studs, religious or other medals and insignia);cigarette cases, powder boxes, chain purses, cachou boxes).
What are Precious Stones samples
diamond, ruby, emerald,
sapphire, opal, amethyst, beryl, topaz,
garnet
REPUBLIC ACT NO. 8502
Real Jewelries and Parts of Imitation Jewelries are entitled for what?
DUTY FREE and EXCISE TAX FREE
(accredited with the BOI and issued a
Certification of Eligibility)
Formula to get ET of Non-Essential Goods
ET = TOTAL DUTIABLE VALUE x 0.20
MINERAL PRODUCTS
A. Coal and Coke
B. All Non-Metallic Minerals and Quarry Resources
C. All Metallic Minerals
ET formula for Coal and Coke
ET = TOTAL METRIC TONS x P150.00
ET formula for Non-Metallic Minerals and Quarry Resources & Metallic Minerals
ET = TOTAL DUTIABLE VALUE x 0.04
Non-Metallic Minerals that uses 4% insurance
Cements, ASBESTOS
Metallic Minerals that uses 4% insurance
CoUrTh-P
URANIUM ORES & CONCENTRATES, THORIUM ORES & CONCENTRATES
PRECIOUS METAL ORES & CONCENTRATES
COBALT ORES & CONCENTRATES
