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PRESIDENTIAL DECREE NO. 131
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PRESIDENTIAL DECREE NO. 131 -
AMENDING Sections 24(b) AND 53(b) (2) OF THE NATIONAL INTERNAL REVENUE
CODE, AS AMENDED, BY IMPOSING A TAX OF FIFTEEN PER CENT (15%) ON
INTEREST ON FOREIGN LOANS
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WHEREAS, it is imperative to adopt measures
responsive to the requirements of a developing economy, foremost of
which is the speedy restructuring of the social, economic and political
institutions of the country.
WHEREAS, the economic development of this country needs funding from
domestic and foreign sources;chanroblesvirtualawlibrary
WHEREAS, in order to attract loans from foreign countries, an
appropriate tax on their income should be levied on interest earned and
remitted abroad;chanroblesvirtualawlibrary
NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Republic of
the Philippines, by virtue of the powers in me vested by the
Constitution as Commander-in-Chief of all the Armed Forces of the
Philippines, and pursuant to Proclamation No. 1081, dated September 21,
1972, do hereby decree and order that Sections 24 (b) (1) and 53 (b)
(2) of the National Internal Revenue Code, as amended, be further
amended by imposing a tax of fifteen per cent (15%) on interest on
foreign loans earned beginning from January 1, 1973.
The Commission of Internal Revenue, upon approval by the Secretary of
Finance, shall promulgate the implementing regulations on these
amendments.
This Decree shall be effective immediately.
Done in the City of Manila,
this 19th day of February, in the year of Our Lord, nineteen hundred
and seventy-three.
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