Page:United States Statutes at Large Volume 99 Part 2.djvu/710

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PUBLIC LAW 99-000—MMMM. DD, 1985

99 STAT. 1820

PUBLIC LAW 99-239—JAN. 14, 1986 Article IV

Imports.

19 USC 1202.

Imports.

Trade Section 241 The Marshall Islands and the Federated States of Micronesia are not included in the customs territory of the United States. Section 242 For the purpose of assessing duties on their products imported into the customs territory of the United States, the Marshall Islands and the Federated States of Micronesia shall be treated as if they were insular possessions of the United States within the meaning of General Headnote 3(a) of the Tariff Schedules of the United States. The exceptions, valuation procedures and all other provisions of General Headnote 3(a) shall apply to any product deriving from the Marshall Islands or the Federated States of Micronesia. Section 243 All products of the Marshall Islands or the Federated States of Micronesia imported into the customs territory of the United States which are not accorded the treatment set forth in Section 242 and all products of the United States imported into the Marshall Islands or the Federated States of Micronesia shall receive treatment no less favorable than that accorded like products of any foreign country with respect to customs duties or charges of a similar nature and with respect to laws and regulations relating to importation, exportation, taxation, sale, distribution, storage or use. Article V

26 USC prec. 1.

Finance and Taxation Section 251 The currency of the United States is the official circulating legal tender of the Marshall Islands and the Federated States of Micronesia. Should the Government of the Marshall Islands or the Federated States of Micronesia act to institute another currency, the terms of an appropriate currency transitional period shall be as agreed with the Government of the United States. Section 252 The Government of the Marshall Islands or the Federated States of Micronesia may, with respect to United States persons, tax income derived from sources within its respective jurisdiction, property situated therein, including transfers of such property by gift or at death, and products consumed therein, in such manner as such Government deems appropriate. The determination of the source of any income, or the situs of any property, shall for purposes of this Compact be made according to the United States Internal Revenue Code. Section 253 A citizen of the Marshall Islands or the Federated States of Micronesia, domiciled therein, shall be exempt from: (a) Income taxes imposed by the Government of the United States upon fixed or determinable annual income.