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PRESIDENTIAL DECREE NO. 220 -
EXEMPTING SOCIAL SECURITY BENEFITS, RETIREMENT GRATUITIES, PENSIONS AND
OTHER SIMILAR BENEFITS FROM PAYMENT OF INCOME TAXES
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| I,
FERDINAND E. MARCOS, President of the Philippines, by virtue of the
powers vested in me by the Constitution as Commander-in-Chief of all
the Armed Forces of the Philippines, and pursuant to Proclamation No.
1081, dated September 21, 1972, and General Order No. 1, dated
September 22, 1972, as amended, do hereby decree and order
— 1. That, provisions of any existing law to the contrary notwithstanding, social security benefits, retirement gratuities, pensions and other similar benefits received by retiring employees and workers, whether received from the Philippines or foreign government agencies and other institutions, private or public, shall be exempt from the payment of income tax; 2. That this Decree shall be effective immediately after its approval. Done in the City of Manila, this 20th day of June, in the year of Our Lord, nineteen hundred and seventy-three. |
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