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PRESIDENTIAL DECREE NO. 1115
PRESIDENTIAL DECREE NO. 1115 -
AUTHORIZING THER MANILA, INC. TO PAY TWO PERCENT FRANCHISE TAX IN LIEU
OF ALL OTHER TAXES
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WHEREAS,
the promotion and development of tourism is one of the major programs
of the administration; and
WHEREAS, ther Manila, Inc., a domesticrline duly licensed to operate
domestic and internationalr charter services, has attributed to a great
extent in this 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
order and decree:cralaw:red
Section 1. Any provision of the Tariff and Customs
Code and all other laws to the contrary notwithstanding, ther Manila,
Inc. is hereby authorized to pay a two percent (2%) franchise tax in
lieu of all taxes, including compensating and duty taxes for its
importation of equipment, fuels, lubricants, spare parts and
accessories necessary for its operations. chanroblesvirtualawlibrary
Section 2. This Decree shall take effect immediately.
DONE in the City of Manila,
this 12th day of April, in the year of Our Lord, nineteen hundred and
seventy-seven.
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