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PRESIDENTIAL DECREE NO. 163
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PRESIDENTIAL DECREE NO. 163
- FURTHER AMENDING Section 360 OF COMMONWEALTH ACT NO. 466, AS AMENDED,
KNOWN AS THE NATIONAL INTERNAL REVENUE CODE
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WHEREAS,
there are included in existing Public Works Acts various infrastructure
and development projects in the different provinces, cities and
municipalities that cannot be implemented for lack of funds;chanroblesvirtualawlibrary
WHEREAS, the prosecution and completion of these national projects will
contribute immensely to the growth of the economy of the nation and
redound ultimately to the benefit of the localities where they are
found; chanroblesvirtualawlibrary
WHEREAS, the withholding tax at source, which are taxes paid by
non-resident foreign corporations and individuals not residing within
the Philippines, can be made available for the execution of these
public works projects in the local areas.
NOW, THEREFORE, I, FERDINAND E. MARCOS, President 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, and
General Order No. 1, dated September 22, 1972, as amended, do hereby
decree and order that Section 360 of the National Internal Revenue
Code, as amended, be further amended by adding a new paragraph to be
ultimate paragraph, which reads as follows:cralaw:red
"Sec. 360. Disposition of proceeds of Income,
inheritance, and gift taxes. chanroblesvirtualawlibrary
xxx
xxx
xxx
"From the net proceeds of the withholding tax at source which have
accrued and are payable during the current fiscal year, thirty (30%)
per centum shall be set aside as a special account in the general fund
for the purpose of financing public works projects to be determined by
the President of the Philippines or his duly authorized representative,
and seventy (70%) per centum shall accrue to the general fund of the
National Government." chanroblesvirtualawlibrary
This Decree shall take effect immediately.
Done in the City of Manila,
this 29th day of March, in the year of Our Lord, nineteen hundred and
seventy-three.
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