MALACAÑANG
M a n i l aPRESIDENTIAL DECREE No. 50 November 15, 1972
AMENDING PRESIDENTIAL DECREE NO. 30 DATED OCTOBER 27, 1972, ENTITLED "AMENDING THE NATIONAL INTERNAL REVENUE CODE, AS AMENDED BY ADDING ANOTHER SUPPLEMENT, TO BE KNOWN AS "SUPPLEMENT B", TO TITLE II (INCOME TAX) BY PLACING CORPORATIONS ON A TAX WITHHOLDING SYSTEM."
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, do hereby decree, order and make part of the law of the land the following measure:
Section 1. Article seven of H. No. 5480 adopted, approved and made part of the law of the land by Presidential Decree No. 30, is hereby amended to read as follows:
"Art. 7. Transitory Provisions. For the taxable year 1972, the declaration of estimated not taxable income shall be filed, and the tax due...
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Presidential Decrees
Amending Presidential Decree No. 30 DatedOctober 27, 1972, Entitled "Amending The National Internal Revenue Code, As Amended By Adding Another Supplement, To Be Known As "Supplement B", To
Presidential Decree No. 50
Summary of Presidential Decree No. 50
Amendments to Tax Filing and Payment Deadlines
- For the taxable year 1972, the declaration of estimated net taxable income and tax payment deadlines will be in accordance with a schedule recommended by the Commissioner of Internal Revenue and approved by the Secretary of Finance. (Section 1)
- The income tax due for the taxable year 1971 that remains unpaid at the time of approval of this Decree shall be payable in equal monthly installments starting on the last day of the first month following the approval of this Decree, up to December 31, 1972 or up to the last month of the fiscal year 1972. (Section 1)
Revocation and Amendment of Inconsistent Regulations
- Presidential Decree No. 30, dated October 27, 1972, and any regulations inconsistent with this Decree are hereby revoked or amended accordingly. (Section 2)
Amendments to Tax Filing and Payment Deadlines
- For the taxable year 1972, the declaration of estimated net taxable income and tax payment deadlines will be in accordance with a schedule recommended by the Commissioner of Internal Revenue and approved by the Secretary of Finance. (Section 1)
- The income tax due for the taxable year 1971 that remains unpaid at the time of approval of this Decree shall be payable in equal monthly installments starting on the last day of the first month following the approval of this Decree, up to December 31, 1972 or up to the last month of the fiscal year 1972. (Section 1)
Revocation and Amendment of Inconsistent Regulations
- Presidential Decree No. 30, dated October 27, 1972, and any regulations inconsistent with this Decree are hereby revoked or amended accordingly. (Section 2)