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" Digest

REVENUE REGULATIONS NO. 1-99 issued January 6, 1999 prescribes the rules and regulations for the effective implementation of the tax incentives provided for qualified jewelry enterprises under Section 3 (b) and (d) of Republic Act No. 8502, otherwise known as the "Jewelry Industry Development Act of 1998". Said tax incentives are: 1) exemption from excise tax of manufactured and produced jewelries, if shown to have been purchased from a qualified jewelry enterprise; and 2) additional deduction of 50% for training expenses incurred by qualified jewelry enterprises.