WHEREAS,
there is a need to complement the stabilization measures adopted to
counteract inflationary pressures as a result of the increased peso
earnings generated by the latest adjustment in the exchange rate of the
peso, chanroblesvirtualawlibrary
NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines,
pursuant to the powers vested in me by the Constitution, do hereby
direct and ordain:cralaw:red
Section 1. There shall be levied, assessed, collected
and paid, an economic stabilization tax in an amount equivalent to the
difference between the gross FOB value at the time of shipment based on
the guiding rate at the date of shipment and said gross FOB value at
the rate of fourteen (P14.00) pesos to one ($1.00) Unites States
dollar, in accordance with the following schedule:cralaw:red
Until September 30, 1984 30%
Until December 31, 1984 25%
Until March 31, 1985 20%
Until June 30, 1985 15%
Until September 30, 1985 10%
Until December 31, 1985 5%
Section 2. The tax imposed herein shall be assessed
by the Bureau of Customs and collected by the Bureau through authorized
agent banks of the Central Bank of the Philippines, not later than
thirty (30) days from date of shipment. chanroblesvirtualawlibrary
Section 3. In case the tax prescribed herein is not
fully paid at the time specified herein, such tax shall be increased by
twenty-five per centum, the increment to be part of the tax and the
entire amount shall be payable upon demand or the period specified
therein: Provided, That any failure to pay upon demand or within the
period specified therein, such tax plus surcharge shall be subject to
interest at fourteen per centum per annum computed from the date the
demand has been duly served or received or such specified date until
the actual payment is made.
Section 4. Any person violating the provisions
of this Decree shall, upon conviction, be fined in an amount not less
than ten thousand pesos nor more than fifty thousand pesos and
imprisoned for a period not less than six months nor more than five
years; Provided, however, that if the offender is a corporation,
association or partnership, the penalty shall be imposed upon the
president, directors, manager, managing partners, as the case may be,
and the persons charged with the administration thereof.
Section 5. The Minister of Finance in consultation
with the Governor of the Central Bank of the Philippines shall
prescribe and promulgate the necessary rules and regulations to carry
out the provisions of this Decree.
Section 6. Any provision of law or regulations
inconsistent herewith is hereby repealed, revoked or modified
accordingly.
Section 7. If any provision of this Decree or the
application of such provision to any person or circumstance is held
invalid, the remainder of this Decree and the applications of such
provision to other persons or circumstances shall not be affected
thereby. chanroblesvirtualawlibrary
Section 8. This Decree shall take effect immediately.
Done in the City of Manila,
this 6th day of June, in the year of Our Lord, nineteen hundred and
eighty-four.
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