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PRESIDENTIAL DECREE NO. 1114
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PRESIDENTIAL DECREE NO. 1114 -
AUTHORIZING THE STERLING PHILIPPINERWAYS, INC. TO PAY TWO PERCENT
FRANCHISE TAX IN LIEU OF ALL OTHER TAXES
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WHEREAS,
the promotion and development of tourism is one of the major programs
of the administration; and
WHEREAS, the Sterling Philippinerways, Inc., a domesticrline duly
licensed to operate domestic and internationalr charter services, has
attributed to a great extent in this program;chanroblesvirtualawlibrary
NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines,
by virtue of the powers vested in me by the Constitution, do hereby
decree and order:cralaw:red
Section 1. Any provision of the Tariff and Customs
Code and all other laws to the contrary notwithstanding, the Sterling
Philippinerways, Inc. is hereby authorized to pay a two percent (2%)
franchise tax in lieu of all taxes, including compensating and duty
taxes for its importation of equipment, fuels, lubricants, spare parts
and accessories necessary for its operations.
Section 2. This Decree shall take effect immediately.
DONE in the City of Manila,
this 12th day of April, in the year of Our Lord, nineteen hundred and
seventy-seven.
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