A
collection of Philippine laws, statutes and codes
not
included or cited in the main
indices
of
the
Chan Robles Virtual Law Library
PRESIDENTIAL DECREE NO. 1002
PRESIDENTIAL DECREE NO. 1002 -
AMENDING Section NINETY-FOUR OF PRESIDENTIAL DECREE NUMBERED FOUR
HUNDRED AND SIXTY-FOUR OTHERWISE KNOWN AS THE REAL PROPERTY TAX CODE
|
chanroblesvirtualawlibrary
WHEREAS,
the local governments are deeply involved in the prosecution of vital
national programs;chanroblesvirtualawlibrary
WHEREAS, in order to increase their capacity to accelerate governmental
operations within their respective jurisdictions, it is imperative that
the local governments be provided with adequate facilities for
maximizing the revenue potentials of their local financial resources;chanroblesvirtualawlibrary
WHEREAS, to enable the local units to tap fully the real property tax
as a source of revenue, it is deemed necessary to re-establish the
Assessment Revolving Fund for financing tax-mapping projects, periodic
revisions of assessments, and other real property assessment programs,
by amending accordingly Section 94, Chapter IX, of Presidential Decree
No. 464, otherwise known as the Real Property Tax Code.
NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines,
by virtue of the powers in me vested by the Constitution, do hereby
decree and order as part of the law of the land, the following:cralaw:red
Section 1. Section Ninety-Four, Chapter IX, of
Presidential Decree No. 464, is hereby amended to read as follows:cralaw:red
"Sec. 94. Assessment Loan Revolving Fund. — The sum
of fifty million pesos is hereby appropriated out of the unallocated
balance of internal revenue allotments to local governments, after
distribution of their individual shares pursuant to Section One of
Presidential Decree No. 144, as amended, to constitute an Assessment
Loan Revolving Fund for financing tax-mapping projects, periodic
revisions of assessments, and other real property assessment programs
of provinces, cities, and municipalities. Such fund shall be
administered by the Secretary of Finance and shall be loaned without
interest to provinces, cities, and municipalities under such terms and
conditions as he may impose." chanroblesvirtualawlibrary
Section 2. The Secretary of Finance shall issue the
necessary rules and regulations to implement this Decree. chanroblesvirtualawlibrary
Section 3. All laws, decrees, orders, rules and
regulations which are inconsistent with this Decree are hereby repealed
and modified accordingly.
Section 4. This Decree shall take effect immediately.
Done in the City of Manila,
this 22nd day of September, in the year of Our Lord, nineteen hundred
and seventy-six.
|
Back
to Home
- Back
to Main
chanroblesvirtuallawlibrary
Since 19.07.98
|