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Executive Orders

Exempting From Sales Tax Goods Sold To the Asian Development Bank and Exempting From Contractors Tax Services Rendered To the Asian Development Bank.

Executive Order No. 161

EXECUTIVE ORDER NO. 161 April 21, 1987

EXEMPTING FROM SALES TAX GOODS SOLD TO THE ASIAN DEVELOPMENT BANK AND EXEMPTING FROM CONTRACTORS TAX SERVICES RENDERED TO THE ASIAN DEVELOPMENT BANK.

WHEREAS, the Philippines is a contracting party to the Agreement Establishing the Asian Development Bank;

WHEREAS, the Asian Development Bank has continuously been supportive of the Economic recovery program of the Philippines;

WHEREAS, the exemption from sales tax of goods sold to the Asian Development Bank and the exemption from contractors tax services rendered to the Asian Development Bank will enhance the competitiveness of domestic suppliers of goods and/or services.

NOW, THEREFORE, I, CORAZON C. AQUINO, President of the Philippines, do hereby order:

Sec. 1. Provisions of the National Internal Revenue Code, as amended, to the contrary notwithstanding:

(a) goods sold directly to the Asian Development Bank shall not be subject to sales tax, and

(b) services rendered under contracts entered into with the Asian Development Bank shall not be subject to contractors tax.

Sec. 2. The Secretary of Finance shall promulgate...

Summary of Executive Order No. 161

Exemptions from Taxes
- Goods sold directly to the Asian Development Bank are exempt from sales tax. (Section 1a)
- Services rendered under contracts with the Asian Development Bank are exempt from contractors tax. (Section 1b)

Implementation
- The Secretary of Finance shall promulgate rules and regulations to implement the provisions of this Executive Order. (Section 2)

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