RR No. 01-99: Prescribes the rules and regulations for the effective implementation of the tax incentives provided for qualified jewelry enterprises under Republic Act No. 8502, otherwise known as the “Jewelry Industry Development Act of 1998”

Summary

RR No. 01-99 sets the rules for the tax incentives of qualified jewelry enterprises under Section 3 (b) and (d) of Republic Act No. 8502, the Jewelry Industry Development Act of 1998.

Key points

1. Excise tax exemption. Manufactured and produced jewelries are exempt from excise tax if shown to have been purchased from a qualified jewelry enterprise.
2. Additional training deduction. Qualified jewelry enterprises get an additional deduction of 50% for training expenses they incur.

Who is affected

• Qualified jewelry enterprises
• Manufacturers of jewelries that buy from qualified jewelry enterprises

Summary by Tax Resources PH. It is not a substitute for the full text of the issuance or professional advice.