(REPEALED
BY PRESIDENTIAL DECREE NO. 1953)
WHEREAS, national economic interest requires a stabilization strategy
as a result of recent adjustments in the exchange rate of the peso.
NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines,
pursuant to the powers vested in me by the Constitution of the
Philippines, do hereby direct and order that: chanroblesvirtualawlibrary
Section 1. There shall be levied, assessed, collected
and paid a special excise tax of ten per centum (10%) on the value in
pesos of foreign exchange sold by the Central Bank of the Philippines
or any of its agents, except for payment of merchandise imports to the
Philippines.
Section 2. The tax imposed under Section one hereof
shall be paid to the Central Bank of the Philippines or its agents by
the purchaser of the foreign exchange and the Central Bank of the
Philippines or its agents shall not sell any foreign exchange subject
to the tax imposed herein, without the payment of said tax. The monies
collected shall accrue to the General Fund in the National Treasury and
shall be remitted within the period and subject to the conditions
applicable to remittances of tax collections.
Section 3. Any person violating the provisions of
this Decree or any regulation promulgated pursuant thereto shall, upon
conviction, be fined in an amount not less than ten thousand pesos nor
more than fifty thousand pesos and imprisoned for a period of not less
than six months nor more than five years; Provided, however, that if
the offender is a corporation, association or partnership, the penalty
shall be imposed upon the president, directors, manager, managing
partners, as the case may be, and the persons charged with the
administration thereof.
Section 4. The Minister of Finance in consultation
with the Governor of the Central Bank of the Philippines shall
prescribe and promulgate the necessary rules and regulations to carry
out the provisions of this Act. chanroblesvirtualawlibrary
Section 5. Any provision of law or regulations
inconsistent herewith is hereby repealed, revoked or modified
accordingly.
Section 6. If any provision of this Act or the
application of such provision to any person or circumstance is held
invalid, the remainder of this Act and the application of such
provision to other persons or circumstances shall not be affected
thereby.
Section 7. This Act shall take effect immediately and
shall continue in effect until December 31, 1985.
Done in the City of Manila,
this 6th day of June, in the year of Our Lord, nineteen hundred and
eighty-four.
|