Page:United States Statutes at Large Volume 54 Part 2.djvu/1232

 54 STAT.] VENEZUELA-RECIPROCAL TRADE-DEC. 12, 1939 WHEEMAS, Schedule II annexed to the said modus vivendi and Acp.2387. Schedule II annexed to the said definitive agreement provide in part as follows: Internal Revenue Code Description of Article Rate of Import Tax Section 3422 Crude petroleum, topped crude petroleum, and fuel oil derived from petroleum including fuel oil known as gas oil Y% per gal. Provided, That such petroleum and fuel oil entered, or withdrawn from warehouse, for consumption in any calendar year in excess of 5 per centum of the total quantity of crude petroleum processed in refineries in continental United States during the preceding calendar year, as ascertained by the Secretary of the Interior of the United States, shall not be entitled to a reduction in tax by virtue of this item, but the rate of import tax thereon shall not exceed bper gal. Provided further, That if this item becomes effective after the beginning of a calendar year the quantity of such petroleum and fuel oil which may be entered or withdrawn from warehouse for consumption at the reduced rate during the remainder of such cal- endar year shall be one-twelfth of the foregoing quantity multiplied by the number of months (treating any part of a month as a full month) during which this item shall be in effect during such calendar year. WHEREAs, Article VII of the said modus vivendi and the identical AnU, p 2378. Article VII of the said definitive agreement read as follows: In the event the Government of the United States of America or the Government of the United States of Venezuela regulates imports of any article in which the other country has an interest either as regards the total amount permitted to be imported or as regards the amount permitted to be imported at a specified rate of duty, the Government taking such action shall establish in ad- vance, and give public notice of, the total amount permitted to be imported from all countries during any specified period, which shall not be shorter than three months, and of any increase or decrease in such amount during the period, and if shares are allocated to countries of export, the share allocated to the other country shall be based upon the proportion of the total imports of such article from all foreign countries supplied by the other coun- try in a previous representative period, account being taken in so far as practicable in appropriate cases of any special factors which may have affected or may be affecting the trade in that article. 2453

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