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. 1955
|
PRESIDENTIAL DECREE NO. 1955 -
WITHDRAWING, SUBJECT TO CERTAIN CONDITIONS, THE DUTY AND TAX PRIVILEGES
GRANTED TO PRIVATE BUSINESS ENTERPRISES AND/OR PERSONS ENGAGED IN ANY
ECONOMIC ACTIVITY, AND FOR OTHER PURPOSES
|
chanroblesvirtualawlibrary
WHEREAS,
the current economic crisis amounts to a grave emergency which affects
the stability of the nation and requires immediate action; chanroblesvirtualawlibrary
WHEREAS, the issuance of this decree is an essential and necessary
component of the national economic recovery program formulated to meet
the overcome the emergency;chanroblesvirtualawlibrary
WHEREAS, Section 20 of Batas Pambansa Blg. 391, otherwise known as the
Investment Incentives Policy Act of 1983, authorizes the President to
restructure/rationalize all existing incentive systems/legislations to
align them with overall economic development objectives and make them
more responsive and meaningful to changing circumstances;chanroblesvirtualawlibrary
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:cralaw:red
Section 1. The provisions of any special or general
law of the contrary notwithstanding, all exemptions from or any
preferential treatment in the payment of duties, taxes, fees imposts
and other charges heretofore granted to private business enterprises
and/or persons engaged in any economic activity are hereby withdrawn,
except those enjoyed by the following:cralaw:red
(a) Those registered by the Board of Investments
under Presidential Decree No. 1789, as amended by Batas Pambansa Blg.
391, and those registered by the Export Processing Zone Authority under
Presidential Decree No. 66, as amended by Presidential Decree Nos.
1449, 1776-A and 1786; chanroblesvirtualawlibrary
(b) The copper mining industry in accordance with the
provisions of LOI 1416;chanroblesvirtualawlibrary
(c) Those covered by international agreements to
which the Philippines is a signatory;chanroblesvirtualawlibrary
(d) Those covered by the non-impairment clause of the
Constitution; and
(e) Those that will be approved by the President of
the Philippines upon the recommendation of the Minister of Finance.
Section 2. The Ministry of Finance shall promulgate
the necessary rules and regulations to effectively implement the
provisions of this Decree.
Section 3. All other laws, decrees, executive orders,
administrative orders, rules, regulations or parts thereof which are
inconsistent with this Decree are hereby repealed, amended or modified
accordingly.
Section 4. This Decree shall take effect on October
15, 1984.
Done in the City of Manila,
this 10th day of October, in the year of Our Lord, nineteen hundred and
eighty-four.
|
Back
to Home
- Back
to Main
chanroblesvirtuallawlibrary
Since 19.07.98
|
