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EXECUTIVE ORDER NO. 838 - REVISING
THE PERCENTAGE TAX ON SALES OF AUTOMOBILES UNDER SECTION 195(A) OF THE
NATIONAL INTERNAL REVENUE CODE OF 1977, AS AMENDED
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| WHEREAS,
the present rate structure of sales tax on automobiles is graduated and
based on gross selling price; WHEREAS, inflation has pushed up the prices of cars and for this reason economy cars are now consequently taxed at higher rates; WHEREAS, car manufacturers claimed that this has caused a decline in their sales volume which, in effect, is one of the reasons for the present distressed condition of the automotive industry; and WHEREAS, restructuring of the tax base and tax rates of the sales tax on automobiles will provide relief to both the prospective car buyers and the automotive industry. NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines, by virtue of the powers vested in me by the Constitution and by Section 290-B of the National Internal Revenue Code of 1977, as amended, do hereby order as follows: SECTION 1. Section 195(A) of the National Internal Revenue Code, as amended, is hereby amended whichever is higher is: (a)
For locally manufactured automobiles. — If the suggested retail or list
price or actual retail price whichever is higher is:
Not
over P65,000
15%
Over P65,000 but not over P85,000 25% Over P85,000 but not over P120,000 35% Over P120,000 45% SECTION 2. The Minister of Finance, upon recommendation of the Commissioner of Internal Revenue, shall promulgate the necessary rules and regulations for the implementation of this Executive Order. SECTION 3. This Executive Order shall take effect immediately. Done in the City of Manila, this 20th day of October, in the year of Our Lord, nineteen hundred and eighty-two. |
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