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PRESIDENTIAL DECREE NO. 1457
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PRESIDENTIAL DECREE NO. 1457 -
AMENDING CERTAIN SectionS OF THE NATIONAL INTERNAL REVENUE CODE OF
1977, AS AMENDED, AND FOR OTHER PURPOSES
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WHEREAS,
there is a need to further amend certain provisions of the National
Internal Revenue Code of 1977, as amended, to make it more responsive
to current conditions; chanroblesvirtualawlibrary
NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines,
by virtue of the powers vested in me by the Constitution, do hereby
order and decree the following:cralaw:red
Section 1. Certain sections of the National Internal
Revenue Code of 1977, as amended, are hereby further amended, the
corresponding amendments being hereto attached.
Section 2. The aforementioned amendments are
incorporated herein by reference and shall be deemed integral parts of
this Decree. chanroblesvirtualawlibrary
Section 3. The Secretary of Finance shall, upon
recommendation of the Commissioner of Internal Revenue, promulgate the
rules and regulations for the implementation of this Decree.
Section 4. All existing laws, rules and regulations
inconsistent herewith are hereby repealed, amended or modified
accordingly.
Section 5. This Decree shall take effect immediately
upon approval.
DONE in the City of Manila,
this 11th day of June, in the year of Our Lord, nineteen hundred and
seventy-eight.
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