PHILIPPINE LAWS, STATUTES & CODES
A collection of Philippine laws, statutes and codes not included or cited in the main indices of the Chan Robles Virtual Law Library.
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PRESIDENTIAL DECREES
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WHEREAS,
government-owned or controlled corporations as well as entities
performing quasi-governmental functions are still enjoying exemptions
from duties, taxes, fees, imposts and other charges despite the fact
that they are able to earn profits or pass on these duties and taxes to
other parties with whom they transact business;
WHEREAS, these duty and tax exemption privileges have resulted in
serious tax base erosion and distortions in the tax treatment of
similarly situated enterprises;
WHEREAS, such privileges make more difficult the accomplishment of the
overall program for economic development in general and compete with
private industries to a great extent, thus disturbing the equity
feature of the tax system;
WHEREAS, Presidential Decree No. 1177 has already expressly repealed
the grant of tax privileges to any government-owned or controlled
corporation and all other units of government; and
WHEREAS, there is need for government-owned or controlled corporations
and all other units of government enjoying tax privileges to share in
the requirements of development, fiscal or otherwise, by paying the
duties, taxes and other charges due from them.
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:
Section 1.
Sec. 2.
1)
2)
3)
4)
Sec. 3.
Sec. 4.
Sec. 5.
Sec. 6.
Done in the City of Manila,
this 11th day of June in the Year of Our Lord, Nineteen Hundred and
Eighty-Four.
chan
robles virtual law library
Since 19.07.98.
