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PRESIDENTIAL DECREE NO. 386
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PRESIDENTIAL DECREE NO. 386 -
GRANTING FOREIGN TOURISTS FIFTY PERCENT OF THE AMUSEMENT TAX PROVIDED
IN Section 260 OF THE NATIONAL INTERNAL REVENUE CODE, AS AMENDED
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WHEREAS,
the government is committed to the policy of developing tourism into a
major dollar-earning industry;chanroblesvirtualawlibrary
WHEREAS, experience has shown that incentives previously granted to
tourists have been found to be effective;chanroblesvirtualawlibrary
WHEREAS, additional incentives are believed necessary to further
accelerate the growth of tourism;chanroblesvirtualawlibrary
NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines,
by virtue of the powers vested in me by the Constitution as
Commander-in-Chief of all the Armed Forces of the Philippines and
pursuant to Proclamation No. 1081, dated September 21, 1972, and
General Order No. 1, dated September 22, 1972, as amended, in order to
effect the desired changes, do order and decree that:cralaw:red
Section 1. All foreign tourists, upon proper
identification shall be entitled to a fifty percent discount of the
amusement tax provided in section two hundred and sixty of the National
Internal Revenue Code, as amended.
Section 2. The Secretary of Finance, upon
recommendation of the Commissioner of Internal Revenue, shall
promulgate rules and regulations to implement this decree.
Section 3. This decree shall take effect
immediately. chanroblesvirtualawlibrary
Section 4. Any provision of existing laws, rules and
regulations in conflict with this decree are hereby modified or
repealed accordingly.
Done in the City of Manila,
this 7th day of February, in the year of Our Lord, nineteen hundred and
seventy-four.
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