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PRESIDENTIAL DECREE NO. 804
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PRESIDENTIAL DECREE NO. 804
- PRESCRIBING THE MANNER OF COLLECTING THE INCOME TAX DUE ON THE NET
PURSE PAYABLE TO MUHAMMAD ALI/HERBERT MUHAMMAD AND JOE FRAZIER/SMOKIN'
JOE, INC. AND THE DISPOSITION OF THE PROCEEDS THEREOF
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chanroblesvirtualawlibrary
WHEREAS,
the world heavyweight championship fight between Muhammad Ali and Joe
Frazier will be held in the Philippines on October 1, 1975 (September
30, 1975 New York Time) pursuant to an agreement made on 23 June 1975
by and between the Games and Amusement Board, an agency of the Republic
of the Philippines, (hereinafter called "G A B") and Don King
Productions, Inc., an Ohio Corporation, with its principal place of
business at 30 Rockefeller Plaza, New York City and Robert Arum, Esq.,
450 Park Avenue, New York City;chanroblesvirtualawlibrary
WHEREAS, GAB, pursuant to the said agreement, agreed that the
Philippine income taxes to be imposed on the purses of Muhammad
Ali/Herbert Muhammad and Joe Frazier/Smokin' Joe, Inc. shall be limited
to the next purse of Muhammad Ali/Herbert Muhammad of $3,000,000 and to
Joe Frazier/Smokin' Joe, Inc., of $1,000,000, and the maximum tax
imposed thereon shall be at the rate of 30%; chanroblesvirtualawlibrary
WHEREAS, the said tax is presently collectible by the Bureau of
Internal Revenue, pursuant to Section 53, in relation to Section 54 (a)
of the National Internal Revenue Code;chanroblesvirtualawlibrary
WHEREAS, it is the intention of the Government to utilize the income
from the said fight and the income tax thereon for the development of
the sports program of the Government after the liquidation of all
obligations incurred in connection with the "ALI-FRAZIER FIGHT";chanroblesvirtualawlibrary
NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines,
hereby decree that:cralaw:red
Section 1. The provisions of the National Internal
Revenue Code and other existing laws to the contrary notwithstanding,
the income tax due on the net purse payable to Muhammad Ali/Herbert
Muhammad and Joe Frazier/Smokin' Joe, Inc. shall be held by the
Philippine National Bank and applied to the obligations of the Games
and Amusement Board incurred with the said Bank in connection with the
"ALI-FRAZIER FIGHT";chanroblesvirtualawlibrary
Section 2. All other taxes, levies and assessments
collected in connection with the "ALI-FRAZIER FIGHT" shall be turned
over by the Bureau of Internal Revenue to GAB to effectuate the purpose
of this Decree.
DONE in the City of Manila,
this 30th day of September, in the year of Our Lord, nineteen hundred
and seventy-five.
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