A
collection of Philippine laws, statutes and codes
not
included or cited in the main
indices
of
the
Chan Robles Virtual Law Library
PRESIDENTIAL DECREE NO. 1116
PRESIDENTIAL DECREE NO. 1116 -
INDEFINITELY SUSPENDING THE EFFECTIVITY OF PRESIDENTIAL DECREE NO. 779
WHICH IMPOSES A SCHEDULAR CAPITAL GAINS TAX ON STOCK TRANSACTIONS
|
chanroblesvirtualawlibrary
WHEREAS, it
is necessary to encourage transactions in shares of stock in order to
generate more capital for economic development;chanroblesvirtualawlibrary
WHEREAS, the imposition of the schedular capital gains tax as provided
by P.D. No. 779 which amended Section 34 of the National Internal
Revenue Code, might adversely affect trading in shares of stock.
NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Republic of
the Philippines, by virtue of the powers vested in me by the
Constitution, do hereby order and decree as follows:cralaw:red
Section 1. The effectivity of P.D. No. 779 imposing a
schedular income tax on capital gains arising from stock transactions
is hereby suspended indefinitely. chanroblesvirtualawlibrary
Section 2. Effectivity. — This Decree shall take
effect retroactively from January 1, 1976.
Done in the City of Manila,
this 15th day of April, in the year of Our Lord, nineteen hundred and
seventy-seven.
|
Back
to Home
- Back
to Main
chanroblesvirtuallawlibrary
Since 19.07.98
|