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. 1724
PRESIDENTIAL DECREE NO. 1724
- AMENDING THE NATIONAL INTERNAL REVENUE CODE OF 1977, AS AMENDED, BY
ADDING NEW SectionS TO TITLE VII AND TITLE VIII THEREOF
|
chanroblesvirtualawlibrary
WHEREAS,
mineral and forest products have been greatly affected by changes in
international market conditions; and
WHEREAS, in order to provide a mechanism which is responsive to such
changes in international market conditions, and which could also be a
tool for economic and industrial policies, it is necessary that the
National Internal Revenue Code of 1977, as amended, be further amended
accordingly.
NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines by
virtue of the powers vested in me by the Constitution, do hereby decree
and order:cralaw:red
Section 1. A new Section 259-A is hereby added to
Title VII of the National Internal Revenue Code of 1977, as amended,
which shall read as follows:cralaw:red
"Sec. 259(a). Flexibility Clause. — In the interest
of the national economy and general welfare, the President, upon
recommendation of the Minister of both the Ministries of Finance and
Natural Resources, is hereby empowered to revise the rates of tax on
and classification of mineral products, as well as to prescribe the
rates of tax in cases of marginal mines requiring protection,
assistance or incentives.
"The foregoing authority may be exercised by the President if any of
the following conditions exist:cralaw:red
"(a) Where, in the interest of economic development,
it is necessary to redirect expenditures or consumption patterns;chanroblesvirtualawlibrary
"(b) Whenever by reason of fluctuation of currency
values and/or inflation or deflation, the existing taxable base and
rate levels are no longer realistic or consistent with the current
price levels; chanroblesvirtualawlibrary
"(c) When it is necessary to counter adverse action
on the part of another country or adverse international market
conditions; or
"(d) When there is need to obviate unemployment and
economic and social dislocation.
"Before any recommendation is submitted to the President by the
Minister of Finance and the Minister of Natural Resources pursuant to
the provisions of this section, a public hearing shall, whenever
practicable, be held and interested parties afforded a reasonable
opportunity to be heard."
Section 2. A new Section 281-A is hereby added to
Title VIII of the same Code which shall read as follows:cralaw:red
"Sec. 281(a) Flexibility Clause. — In the interest of
the national economy and general welfare, the President, upon
recommendation of the Minister of both the Ministries of Finance and
Natural Resources, is hereby empowered to revise the rates of tax on
and classification of forest products. chanroblesvirtualawlibrary
"The foregoing authorities may be exercised by the President if any of
the following conditions exist:cralaw:red
"(a) Where, in the interest of economic development,
it is necessary to redirect expenditures or consumption patterns;chanroblesvirtualawlibrary
"(b) Whenever by reason of fluctuation of currency
values and/or inflation or deflation, the existing taxable base and
rate levels are no longer realistic or consistent with the current
price levels;chanroblesvirtualawlibrary
"(c) When it is necessary to counter adverse action
on the part of another country or adverse international market
conditions; or
"(d) When there is need to obviate unemployment and
economic and social dislocation.
"Before any recommendation is submitted to the President by the
Minister of Finance and the Minister of Natural Resources pursuant to
the provision of this section, a public hearing shall, whenever
practicable, be held and interested parties afforded a reasonable
opportunity to be heard."
Section 3. This Decree shall take effect immediately.
Done in the City of Manila,
this 18th day of September, in the year of Our Lord, nineteen hundred
and eighty.
|
Back
to Home
- Back
to Main
chanroblesvirtuallawlibrary
Since 19.07.98
|