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PRESIDENTIAL DECREE NO. 1540
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PRESIDENTIAL DECREE NO. 1540 -
AMENDING Section 24 (b) (1) OF THE NATIONAL INTERNAL REVENUE CODE, FOR
THE IMPOSITION OF A SPECIAL RATE OF WITHHOLDING TAX FOR RENTAL, LEASE
OR CHARTER PAYMENTS FOR FOREIGN OWNED VESSELS UNDER CHARTER OR LEASED
TO PHILIPPINE NATIONALS
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chanroblesvirtualawlibrary
WHEREAS, it
is declared national policy to encourage the acquisition of vessels by
Philippine nationals for coastwise and international traffic;chanroblesvirtualawlibrary
WHEREAS, chartering of foreign-owned ships is one of the means of
acquisition with the least impact on foreign exchange and domestic
capital; chanroblesvirtualawlibrary
WHEREAS, it is necessary to adjust the withholding tax on the
consideration for the lease and charter payable to foreign entities at
a reasonable level from 3.5% to 4.5%.
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 as part of the law of the land.
Section 1. Section 24(b) (1) of the National
Internal Revenue Code is hereby further amended by the insertion of a
subsection which read as follows: chanroblesvirtualawlibrary
Subsection (b) (1) (a) — Rentals, lease and charter fees payable to
non-resident owned of vessels chartered by Philippine nationals as the
term is defined under section 3(c) of Presidential Decree No. 474, and
which charter or lease has been duly approved by the Maritime Industry
Authority, shall be subject to 4.5% final tax, the return and payment
of which shall be in accordance with sections 53 and 54 of the National
Internal Revenue Code.
Section 2. This Decree shall take effect immediately.
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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