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PRESIDENTIAL DECREE NO. 1024
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PRESIDENTIAL DECREE NO. 1024 -
AMENDING Section TWO OF PRESIDENTIAL DECREE NUMBERED SEVEN HUNDRED
SEVENTY-SIX
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chanroblesvirtualawlibrary
I,
FERDINAND E. MARCOS, President of the Philippines, by virtue of the
powers vested in me by the Constitution, in order to effect minor
amendments to existing law and to correct typographical errors therein,
do hereby order and decree the following:cralaw:red
Section 1. Section Two of the Presidential Decree No.
776 is hereby amended to read as follows:cralaw:red
"Section 2. A Fiscal Incentives Review Board is
hereby created for the purpose of determining what subsidies and tax
exemptions should be modified, withdrawn, revoked or suspended, which
shall be composed of the following officials:cralaw:red
"Chairman - Secretary of Finance
Members - Secretary of Industry
- Director General of the National Economic
and Development Authority
- Commissioner of Internal Revenue
- Commissioner of Customs
"The Board may recommend to the President of the Philippines, for
reasons of compatibility with the declared economic policy, the
withdrawal, modification, revocation or suspension of the
enforceability of any of the above-cited statutory subsidies or tax
exemption grants, except those granted as expressly enumerated in
Section 1 hereof. If approved by the President, such withdrawal,
modification, revocation or suspension as recommended by the Board
shall be effected through the promulgation or issuance of appropriate
decrees or executive orders. To attain its objectives, the Board may
require the assistance of any appropriate government agency or entity.
The Board shall meet once a month, or oftener, at the call of the
Secretary of Finance."pr
Section 2. 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.
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