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.