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Flexible Tariff Clause
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Flexible Tariff Clause
(1) Increase, reduce or remove existing PROTECTIVE RATES OF IMPORT DUTY
- Purpose: to protect domestic industry from foreign competition (protectionism)
- Provided: upon recommendation of NEDA
(2) Establish IMPORT QUOTA/ BAN IMPORTS of any commodity as may be necessary
- The President has the power to import quota or ban imports when necessary, provided: upon recommendation of NEDA
(3) Impose additional duty on imports not exceeding 10% of AD VALOREM when necessary
- Which shall take effect upon discretion of the President. Reason: to keep up with foreign exchange rates.
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- Bachelor of Laws Taxation Law Mind Map on Flexible Tariff Clause, created by Mela Dlt on 10/03/2016.
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- Mela Dlt
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