RA 4122 REPUBLIC ACT NO.

4122 - AN ACT TO FURTHER AMEND SECTION ONE HUNDRED EIGHTY-FIVE OF COMMONWEALTH ACT NUMBERED FOUR HUNDRED AND SIXTY-SIX, OTHERWISE KNOWN AS THE NATIONAL INTERNAL REVENUE CODE, AS AMENDED, AND FOR OTHER PURPOSES SECTION 1. Section one hundred and eighty-five of Commonwealth Act Numbered Four hundred and sixty-six, as amended, is hereby further amended by deleting from subsection (g) thereof the following articles: phonographs, combination radio and phonograph sets, television sets, combination radio and televisions sets, gramophones, and similar articles for reproducing music. SECTION 2. A new section is hereby inserted between Sections one hundred eighty-five and one hundred eighty-six, which shall read as follows: "Sec. 185-B. Percentage tax on sales of phonographs, combination radio and phonograph sets of all types, television sets, combination radio and television sets, combination radio-phonograph-televisions sets, gramophones and similar articles. There shall be levied, assessed, and collected, one only on every original sale, barter, exchange, or similar transaction intended to transfer ownership of, or title to, the articles hereinbelow enumerated a tax equivalent to thirty per centum of the gross selling price or gross value in money of the articles so sold, bartered, exchanged or transferred, such tax to be paid by the manufacturer or producer: provided, however, that where the articles hereinbelow enumerated are locally manufactured articles as hereinafter defined, the tax shall be seven per centum: provided, further, that where the articles enumerated hereinbelow are manufactured from materials subject to tax under this section, the total cost of such materials shall be deducted from the gross selling price or gross value in money of such manufactured articles: (a) Phonographs; (b) Combination radio and phonograph sets of all types; (c) Television sets; (d) Combination radio and television sets; (e) Combination radio-phonograph-television sets; (f) Gramophones; and (g) Similar articles for reproducing and/or recording music and sound, like tape recorders, etc. "The words 'locally manufactured articles' means articles manufactured in a manufacturing enterprise which processes physically and/or chemically raw materials such as copper clad boards, silicon, steel laminations, other metal sheets, wires, plastic powder and/or pallets, fiber boards, wood, metallic and non-metallic tubes, roads, special paper, etc., into the various intermediate components and parts, and subsequently assembling or fitting them together with other imported collaterals or intermediate components and parts into such completed and finished articles: provided, however, that if the following parts are intermediate components of a finished article, except as used in the tuner assembly, they must be locally manufactured within the manufactured enterprise or any other local manufacturing enterprise: 1. Printed circuit roads; 2. Transformers; 3. Coils, except yoke and flyback, and sheet metalware attached thereto except the mask;

4. Cabinets; 5. Chassis." SECTION 3. This Act shall take effect upon its approval.

Approved: June 20, 1964 REPUBLIC ACT No. 6552 AN ACT TO PROVIDE PROTECTION TO BUYERS OF REAL ESTATE ON INSTALLMENT PAYMENTS. (Rep. Act No. 6552) Section 1. This Act shall be known as the "Realty Installment Buyer Act." Section 2. It is hereby declared a public policy to protect buyers of real estate on installment payments against onerous and oppressive conditions. Section 3. In all transactions or contracts involving the sale or financing of real estate on installment payments, including residential condominium apartments but excluding industrial lots, commercial buildings and sales to tenants under Republic Act Numbered Thirty-eight hundred forty-four, as amended by Republic Act Numbered Sixty-three hundred eighty-nine, where the buyer has paid at least two years of installments, the buyer is entitled to the following rights in case he defaults in the payment of succeeding installments: (a) To pay, without additional interest, the unpaid installments due within the total grace period earned by him which is hereby fixed at the rate of one month grace period for every one year of installment payments made: Provided, That this right shall be exercised by the buyer only once in every five years of the life of the contract and its extensions, if any. (b) If the contract is canceled, the seller shall refund to the buyer the cash surrender value of the payments on the property equivalent to fifty per cent of the total payments made, and, after five years of installments, an additional five per cent every year but not to exceed ninety per cent of the total payments made: Provided, That the actual cancellation of the contract shall take place after thirty days from receipt by the buyer of the notice of cancellation or the demand for rescission of the contract by a notarial act and upon full payment of the cash surrender value to the buyer. Down payments, deposits or options on the contract shall be included in the computation of the total number of installment payments made.lawphi1 Section 4. In case where less than two years of installments were paid, the seller shall give the buyer a grace period of not less than sixty days from the date the installment became due. If the buyer fails to pay the installments due at the expiration of the grace period, the seller may cancel the contract after thirty days from receipt by the buyer of the notice of cancellation or the demand for rescission of the contract by a notarial act. Section 5. Under Section 3 and 4, the buyer shall have the right to sell his rights or assign the same to another person or to reinstate the contract by updating the account during the grace period and before actual cancellation of the contract. The deed of sale or assignment shall be done by notarial act. Section 6. The buyer shall have the right to pay in advance any installment or the full unpaid balance of the purchase price any time without interest and to have such full payment of the purchase price annotated in the certificate of title covering the property. Section 7. Any stipulation in any contract hereafter entered into contrary to the provisions of Sections 3, 4, 5 and 6, shall be null and void. Section 8. If any provision of this Act is held invalid or unconstitutional, no other provision shall be affected thereby.lawphi1 Section 9. This Act shall take effect upon its approval. Approved: August 26, 1972.