MALACAÑANG
M a n i l aPRESIDENTIAL DECREE No. 30 October 27, 1972
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
WHEREAS, there is a need to ensure the continuous and even flow of revenue collection in order to provide ready financing for essential Government operations and projects:
WHEREAS, in order to achieve that desired end it is necessary to introduce a new system of income tax payment on a quarterly basis that is both advantageous to the Government and the taxpayer; and
WHEREAS, there were pending before Congress before the promulgation of Proclamation No. 1081, dated September 21, 1972, a bill on the subject, entitled "AN ACT AMENDING THE NATIONAL 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." and denominated as H. No. 5480:
NOW, THEREFORE, I, FERDINAND E....
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Presidential Decrees
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 S
Presidential Decree No. 30
Summary of Presidential Decree No. 30
Introduction
- Amends the National Internal Revenue Code by adding Supplement B to Title II (Income Tax)
- Places corporations on a tax withholding system
Objectives
- Ensure continuous and even flow of revenue collection
- Provide ready financing for essential government operations and projects
- Introduce a new system of income tax payment on a quarterly basis that is advantageous to the government and taxpayers
Provisions
- Adopts and approves House Bill No. 5480, entitled "An Act Amending the National 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"
- Makes the adopted bill part of the law of the land
Effectivity
- The decree takes effect immediately
Introduction
- Amends the National Internal Revenue Code by adding Supplement B to Title II (Income Tax)
- Places corporations on a tax withholding system
Objectives
- Ensure continuous and even flow of revenue collection
- Provide ready financing for essential government operations and projects
- Introduce a new system of income tax payment on a quarterly basis that is advantageous to the government and taxpayers
Provisions
- Adopts and approves House Bill No. 5480, entitled "An Act Amending the National 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"
- Makes the adopted bill part of the law of the land
Effectivity
- The decree takes effect immediately