WHEREAS, it
is the policy of the State to encourage the development of sports not
only to promote the physical fitness program of the Government but also
to promote international understanding and camaraderie thru
sports. chanroblesvirtualawlibrary
WHEREAS, the Philippines has been lately the site of various
international competitions in sports, such as softball, basketball,
chess, golf, etc;chanroblesvirtualawlibrary
WHEREAS, it is noted that while all sporting goods are subject to the
7% sales tax, polo mallets and balls, golf bags, clubs and balls, chess
and checker boards and pieces, remain subject to the prohibitive rate
of 70% sales tax;chanroblesvirtualawlibrary
WHEREAS, in order to give meaning to the sports development program of
the Government, it is necessary to amend certain portions of the
National Internal Revenue Code:cralaw:red
NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines,
by virtue of the powers in me vested by the Constitution do hereby
decree and order that paragraph (e) of Section 184 of the National
Internal Revenue Code, as further amended by the Presidential Decree
No. 69, be, as it is hereby, repealed. chanroblesvirtualawlibrary
All laws, decrees, rules and regulations contrary to or inconsistent
herewith are hereby modified or repealed accordingly.
This Decree shall take effect immediately.
Done in the City of Manila,
this 23rd day of May, in the year of Our Lord, nineteen hundred and
seventy-four.
|
