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PRESIDENTIAL DECREE NO. 776
PRESIDENTIAL DECREE NO. 776
- MODIFYING ALL LAWS, ACTS, DECREES, ORDERS AND ORDINANCES GRANTING
SUBSIDIES, EXEMPTIONS FROM TAXES, DUTIES, FEES, IMPOSTS AND OTHER
CHARGES UNDER CERTAIN EXCEPTIONS AND CREATING A FISCAL INCENTIVES BOARD
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chanroblesvirtualawlibrary
WHEREAS, a
study of the present tax structure shows that a number of fiscal
incentives have been granted;chanroblesvirtualawlibrary
WHEREAS, there is a need to review and update these incentives in the
light of international and domestic developments; chanroblesvirtualawlibrary
WHEREAS, it is deemed imperative to harmonize incentives with the
ability to manufacture goods domestically and to conserve government
revenues.
NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines,
by virtue of the powers in me vested by the Constitution, do hereby
order and decree:cralaw:red
Section 1. Any and all tax exemption benefits and
privileges validly acquired, exercised and granted to individuals,
associations, corporations and entities, and all laws, decrees, orders
or ordinances giving rise thereto, may now be modified by the Fiscal
Incentives Review Board except those embraced and expressly provided
hereunder, to wit:cralaw:red
1. Constitutional provisions
2. International comity or treaty
3. National Internal Revenue Code as of its amendment
by PD 69
4. Tariff and Customs Code as of its amendment by PD
34
5. Local Tax Code as of its amendment by PD 426
6. Statutory prescription bearing on —chanroblesvirtualawlibrary
a. Export Processing Zone Authority
b. BOI Registered industries
c. Multi-national corporations
d. Service contracts on oil explorations
Section 2. A Fiscal Incentives Review Board is hereby
created for the purpose of determining what subsidies and tax
exemptions should be modified, withdrawn, revoked or suspended, which
shall be composed of the following officials:cralaw:red
Chairman — Secretary of Finance
Members — Secretary of Industry
— Director General of the National
— Economic and Development
Authority
— Commissioner of Internal Revenue
— Commissioner of Customs
The Board may recommend to the President of the Philippines and for
reasons of compatibility with the declared economic policy, the
withdrawal, modification revocation or suspension of the enforceability
of any of the above-cited statutory subsidies or tax exemption grants,
except those granted by the Constitution. To attain its objectives, the
Board may require the assistance of any appropriate government agency
or entity. The Board shall meet once a month, or oftener at the call of
the Secretary of Finance.
Section 3. All laws, acts, decrees, orders, and
ordinances inconsistent any of the provisions of this Decree are
repealed or modified accordingly.
Section 4. This Decree shall take effect
immediately. chanroblesvirtualawlibrary
DONE in the City of Manila,
this 24th day of August, in the year of Our Lord, nineteen hundred and
seventy-five.
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