WHEREAS,
one of the primary goals of the Government is to attain
self-sufficiency thru increased food production, especially in the
basic food needs of our people;chanroblesvirtualawlibrary
WHEREAS, meat production is one of the sources of such basic food needs
which has not yet been fully developed;chanroblesvirtualawlibrary
WHEREAS, in order to boost and spur meat production in the country,
proper incentives should be made available to the private sector
engaged in live-stock production; chanroblesvirtualawlibrary
WHEREAS, the grant of exemption from the real property tax for a period
of five (5) years to pasture and/or grazing lands acquired by grant,
purchase, or lease, or lease from the public domain actually used for
livestock production, is one such incentive;chanroblesvirtualawlibrary
WHEREAS, in order to grant this incentive, it is necessary to amend
accordingly Section 40, Chapter IV, of Presidential Decree No. 464.
NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines,
by virtue of the powers in me vested by the Constitution, in order to
achieve the desired objective, do hereby decree and order as part of
the law of the land, the amendment of Section 40, Chapter IV, of
Presidential Decree No. 464, as follows:cralaw:red
Section 1. Section 40, Chapter IV, of Presidential
Decree No. 464, is hereby amended by adding a new paragraph after
paragraph (g), to be denominated as paragraph (h), to read as
follows: chanroblesvirtualawlibrary
"(h) PASTURE AND/OR GRAZING LANDS ACQUIRED BY GRANT,
PURCHASE, OR LEASE FROM THE PUBLIC DOMAIN, ACTUALLY USED FOR LIVESTOCK
PRODUCTION, FOR A PERIOD OF FIVE YEARS BEGINNING WITH CALENDAR YEAR
1977, AND FOR ACQUISITIONS MADE THEREAFTER, THE EXEMPTION SHALL BEGIN
WITH THE YEAR OF SUCH ACQUISITION."
Section 2. The Secretary of Finance shall issue the
necessary rules and regulations to implement this Decree.
Section 3. All laws, decrees, orders, rules and
regulations which are inconsistent with this Decree are hereby repealed
and modified accordingly.
Section 4. This Decree shall take effect immediately.
Done in the City of Manila,
this 29th day of May, in the year of Our Lord, nineteen hundred and
seventy-six.
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