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PRESIDENTIAL DECREE NO. 764
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PRESIDENTIAL DECREE NO. 764 -
AMENDING Section TWO OF REPUBLIC ACT NUMBERED 1407 AS AMENDED,
OTHERWISE KNOWN AS "THE PHILIPPINE OVERSEAS SHIPPING ACT OF NINETEEN
HUNDRED AND FIFTY-FIVE"
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WHEREAS,
the Philippine Maritime Industry is a major contributor to the growth
of the Philippine economy;chanroblesvirtualawlibrary
WHEREAS, ocean-going vessels of the industry are a source of foreign
exchange earnings for the country;chanroblesvirtualawlibrary
WHEREAS, the income tax exemption granted to the overseas shipping
business under Republic Act No. 1407 is about to expire at a time when
the government is currently engaged in the maritime fleet expansion
program;chanroblesvirtualawlibrary
NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines,
by virtue of the powers vested in me by the Constitution, do hereby
decree that Section 2 of Republic Act No. 1407 as amended be further
amended to read as follows: chanroblesvirtualawlibrary
"Sec. 2. In pursuance of the above-declared policy,
any citizen of the Philippines, or any association or corporation
organized under the laws of the Philippines, at least sixty per cent of
the capital of which is owned by citizens of the Philippines, engaged
or which shall engage exclusively in overseas shipping business or in
the construction of modern boats for overseas service shall be exempt
from the payment of income tax on income derived from his or its
overseas shipping business for a period of thirty years from the date
of approval of this Act or until September nine, nineteen hundred and
eighty-five; Provided, That they shall invest the entire net income,
after deducting not more than ten percent thereof for distribution to
the stockholders or partners, realized during the period of exemption,
which would otherwise have been taxable under the provisions of Title
II of the National Internal Revenue Code, in the construction,
purchase, or acquisition of vessels and equipment and/or in the
improvement of its vessels and equipment. The amount so invested shall
not be withdrawn for a period of thirty years after the expiration of
the period of income tax exemption or until after the vessels and
equipment so acquired had been fully paid for. Any amount withdrawn
before the end of this period shall be subject to the corresponding
income tax, including surcharges and interests."
xxx
xxx
xxx
All such laws, decrees, orders, rules or regulations or any part
thereof as are inconsistent with this Decree are hereby repealed or
modified accordingly.
This Decree shall take effect upon its approval.
DONE in the City of Manila,
this 7th day of August, in the year of Our Lord, nineteen hundred and
seventy-five.
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