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PRESIDENTIAL DECREE NO. 1954
PRESIDENTIAL DECREE NO. 1954 -
REPEALING PRESIDENTIAL DECREE NO. 1929 ENTITLED, "IMPOSING AN ECONOMIC
STABILIZATION TAX; PRESCRIBING PENALTIES FOR VIOLATIONS HEREOF AND FOR
OTHERS PURPOSES"
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WHEREAS,
the current economic crisis amounts to a grave emergency which affects
the stability of the nation and requires immediate action; chanroblesvirtualawlibrary
WHEREAS, the issuance of this Decree is an essential and necessary
component of the national economic recovery program formulated to meet
and overcome the emergency;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. Presidential Decree No. 1929, Imposing an
Economic Stabilization Tax; Prescribing penalties for violations hereof
and for other purposes, is hereby repealed.
Section 2. Exports from the Philippines, heretofore
subject to the Economic Stabilization Tax aforementioned shall not be
subject to the Economic Stabilization Tax effective the day after the
effectivity of this Decree; Provided, however, that such exports made
prior to that date shall continue to be subject to the Economic
Stabilization Tax, at the rates prescribed therein, and shall be paid
within the period specified thereunder.
Section 3. Violations of the provisions of
Presidential Decree No. 1929 and the rules and regulations issued
pursuant thereto committed before the effectivity of this Decree shall
continue to be prosecuted and the penalties, surcharges and interests
prescribed therein correspondingly imposed.
Section 4. All provisions of law or rules and
regulations inconsistent herewith are hereby repealed, revoked or
modified accordingly.
Section 5. This Decree shall take effect on October
14, 1984.
Done in the City of Manila,
this 10th day of October in the year of Our Lord, nineteen hundred and
eighty-four.
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