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PRESIDENTIAL DECREE NO. 822
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PRESIDENTIAL DECREE NO. 822
- PRESCRIBING THE MANNER OF COLLECTING THE INCOME TAX DUE ON THE NET
PRIZE MONIES TO THE WINNERS OF THE INTERNATIONAL TENNIS CLASSICS
SPONSORED BY THE PHILIPPINE LAWN TENNIS ASSOCIATION TO BE HELD FROM
OCTOBER 27 TO NOVEMBER 2, 1975 IN MANILA AND THE DISPOSITION OF THE
PROCEEDS THEREOF
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chanroblesvirtualawlibrary
WHEREAS, it
is the avowed policy of the government to promote sports and encourage
sports development; chanroblesvirtualawlibrary
WHEREAS, the PHILIPPINE LAWN TENNIS ASSOCIATION has invited
international champions to come to the Philippines to participate in
the International Tennis Classics to be held in Manila from October 27
to November 2, 1975;chanroblesvirtualawlibrary
WHEREAS, it is the intention of the Government to utilize the income
from international sports events to assist projects for the development
of sports.
NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines,
by virtue to the powers vested in me by the Constitution, do 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 price monies of foreign participants in the
Tennis Classics sponsored by the Philippine Lawn Tennis Association to
be held in Manila from October 27 to November 2, 1975 shall be withheld
by the Philippine National Bank and applied to the obligations of the
Philippine Lawn Tennis Association incurred in connection with the said
International Tennis Classics. chanroblesvirtualawlibrary
Section 2. All other taxes, levies and assessments
collected in connection with the International Tennis Classics shall be
turned over to by the Bureau of Internal Revenue to the Philippine Lawn
Tennis Association to effectuate the purpose of this Decree.
Section 3. This Decree shall take effect immediately.
Done in the City of Manila,
this 3rd day of November, in the year of Our Lord, nineteen hundred and
seventy-five.
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