WHEREAS,
there is a need for fiscal incentive statutes to be responsive and
meaningful to changing circumstances such that they would not become
inadequate, obsolete, redundant or no longer necessary; chanroblesvirtualawlibrary
WHEREAS, it is necessary to realign incentive statutes so as to gear
them to policies existing at any given time, such as the current
industrialization policies and the thrust to encourage export-oriented
and labor- intensive industries utilizing indigenous materials, and
WHEREAS, corollary thereto, there is likewise a need to harmonize
incentive statutes being implemented by various government agencies in
order to prevent competing, conflicting or confusing programs.
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; chanroblesvirtualawlibrary
Section 1. Any general or special law to the contrary
notwithstanding, the President may, on his own initiative or upon
recommendation of the Fiscal Incentives Review Board, modify and/or
revise any fiscal incentive granted under any statute when any of the
following conditions exist;chanroblesvirtualawlibrary
(a) When it is reasonably evident that the incentives
granted are no longer adequate, necessary or appropriate.
(b) When there is need to modify incentive privileges
in the light of technological, economic and social changes, or
(c) When there is need to redesign the tax incentive
schemes to obviate unemployment and avoid economic and social
dislocation.
Section 2. The authority granted under Section one
hereof shall be exercised on, but not limited to the following statutes
enumerated, to wit: chanroblesvirtualawlibrary
(a) Republic Act Numbers 660 (as amended by Republic
Act Number 728), 720 (as amended by Republic Act Numbers 3128 and 5930
and Presidential Decree Number 69), 1407 (as amended by Presidential
Decree Numbers 664 and 764), 1910, 2067 (as amended by Republic Act
Number 3589) 2369 (as amended by Presidential Decree Numbers 237 and
238), 2889, 3054, 3384, 3425 (as amended by Republic Act Number 702),
3470, (as amended by Republic Act Number 5326 and Presidential Decree
Number 817), 3589, 3850, 3854, 3856, 4071, 4093 (as amended by Republic
Act Numbers 4887 and 6110) 4132, 4156 (as amended by Presidential
Decree Numbers 6366 and 741), 4412, 4481, 4690, 4850, 5186 (as amended
by Presidential Decree Numbers 92 and 485), 5850 (as amended by
Presidential Decree Number 69), 6042, 6055, 6135 (as amended by
Presidential Decree Numbers 92, 485, and 1646);chanroblesvirtualawlibrary
(b) Presidential Decree Numbers 4 (as amended by
Presidential Decree Numbers 699 and 1485), 7 (as amended by
Presidential Decree Number 45), 8 (as amended by Presidential Decree
Number 87), 24 (as amended by Presidential Decree Number 735), 31, 64,
175, 181, 198 (as amended by Presidential Decree Number 768), 205, 215,
231, 232 (as amended by Presidential Decree Number 852), 243 (as
amended by Presidential Decree Number 353), 246, 264, 269, 292, 321,
348, 373, 389 (as amended by Presidential Decree Numbers 705 and 1559)
425, 453, 463, 464, 492 (as amended by Presidential Decree Numbers
860), 507, 517, 520, 529, 535, 551, (as amended by Presidential Decree
Numbers 648 and 852), 552, 564, 572, 579, 604, 615, 625, 634, 645, 666,
674, (as amended by Presidential Decree Number 751), 675, 681, 685,
690, 694, 696 (amending Presidential Decree Number 286), 697 (as
amended by Presidential Decree Number 762), 698, 700, 703, 728, 729,
745, 750, 751, 757, 778 (as amended by Presidential Decree Number 913),
783, 789, 791, (as amended by Presidential Decree Number 924), 796,
805, 857, 882, 926, 930, 936, 938, 972, 977, 990, 992, 998, 1034, 1035,
1048, 1068, 1074, 1080, 1101, 1107, 1113, 1114, 1115, 1127, 1129, 1142,
1145, 1159, 1171, 1175, 1184, 1191, 1192, 1197, 1201, 1217, 1249, 1253,
1267, 1287, 1289, 1319, 1378, 1388, 1394, 1399, 1400, 1419, 1432, 1442,
1444, 1448, 1449, (amending Presidential Decree Number 66), 1475, 1491,
(amending Presidential Decree Number 588), 1504, 1512, 1522 (amending
Presidential Decree Number 1352) 1531, 1584, 1588, 1591, 1610 (amending
Presidential Decree Number 1609), 1620, 1657, (amending Presidential
Decree Number 1167) and 1662;chanroblesvirtualawlibrary
(c) The following Sections of the National Internal
Revenue Code, as amended: Sections 27, 77, 122, 123, 139, (as amended
by Presidential Decree Number 69), 157, 202, 203, 204, (4) (as amended
by Section 105 of the Tariff and Customs Code of the Philippines and
Presidential Decree Numbers 237, 238, 413, and 440), 260, and
279; chanroblesvirtualawlibrary
(d) Sections 104, 105, 106, 2002, (a), 2703, and 3203
of the Tariff and Customs Code of the Philippines, as amended;
and chanroblesvirtualawlibrary
(e) Batasang Pambansa Numbers 21 and 44.
Section 3. Any modification of incentive pursuant to
this law shall have prospective application: Provided, that, all rights
previously vested in the aforesaid laws shall not be affected
thereby. chanroblesvirtualawlibrary
Section 4. All laws, acts, decrees, orders and
ordinances inconsistent with any of the provisions of this Decree are
hereby repealed or modified accordingly.
Section 5. This Decree shall take effect immediately.
Done in the City of Manila,
this 16th day of January, in the year of Our Lord, nineteen hundred and
eighty-one.
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