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PRESIDENTIAL DECREE NO. 50
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PRESIDENTIAL DECREE NO. 50 -
AMENDING PRESIDENTIAL DECREE NO. 30 DATED OCTOBER 27, 1972, ENTITLED
"AMENDING THE NATIONAL INTERNAL REVENUE CODE, AS AMENDED BY ADDING
ANOTHER SUPPLEMENT, TO BE KNOWN AS "SUPPLEMENT B", TO TITLE II (INCOME
TAX) BY PLACING CORPORATIONS ON A TAX WITHHOLDING SYSTEM"
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chanroblesvirtualawlibrary
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, do hereby decree, order
and make part of the law of the land the following
measure: chanroblesvirtualawlibrary
Section 1. Article seven of H. No. 5480 adopted,
approved and made part of the law of the land by Presidential Decree
No. 30, is hereby amended to read as follows:cralaw:red
"Art. 7. Transitory Provisions. — For the taxable
year 1972, the declaration of estimated not taxable income shall be
filed, and the tax due thereon shall be paid, [as follows: For the
first quarter, on or before the last day of the seventh month of the
taxable year; for the second quarter, on or before the last day of the
ninth month of the taxable year; and for the third quarter, on or
before the last day of the eleventh month of the taxable year; and the
adjustment and final return shall be filed, and the tax due thereon
paid, on or before April fifteen, nineteen hundred and seventy-three on
or before the fifteenth day of the fourth month following the close of
fiscal year nineteen hundred and seventy-two] IN ACCORDANCE WITH A
SCHEDULE TO BE RECOMMENDED BY THE COMMISSIONER TO INTERNAL REVENUE AND
APPROVED BY THE SECRETARY OF FINANCE.
"The income tax due for taxable year nineteen hundred and seventy one
which still remains unpaid at the time of the approval of this Decree
shall, notwithstanding the provisions in Section fifty one of this
title, be payable in equal monthly installments starting on the last
day of the first month following the approval of this Decree; up to
December thirty-first, nineteen hundred and seventy two up to [or to
the last month of fiscal year nineteen hundred and
seventy-two.]" chanroblesvirtualawlibrary
Section 2. Presidential Decree No. 30, dated October
27, 1972, and regulations part thereof inconsistent herewith are hereby
revoked or amended accordingly. chanroblesvirtualawlibrary
Done in the City of Manila,
this 15th day of November, in the year of Our lord, nineteen hundred
and seventy-two.
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