Further Amending Section 228 of the National Internal Revenue Code, as Amended

EXECUTIVE ORDER NO. 225 July 16, 1987 FURTHER AMENDING SECTION 228 OF THE NATIONAL INTERNAL REVENUE CODE, AS AMENDED WHEREAS, the promotion and development of sports is one of the stated policies of the government; WHEREAS, professional boxing is one sport where Filipinos have shown an even chance of excelling and attaining world prominence; and WHEREAS, there is need to grant tax incentives to enhance the growth and popularity of professional boxing; NOW, THEREFORE, I, CORAZON C. AQUINO, president of the Philippines, by virtue of the powers vested in me by law, do hereby direct and order, that: Sec. 1. Section 228, paragraph (6) of the National Internal Revenue Code, as amended, is hereby further amended to read as follows: "3. Ten per centum in the case of boxing exhibitions: Provided, however, That boxing exhibitions wherein World or Oriental Championship in any division is at stake shall be exempt from amusement tax: Provided, further, That at least one of the contenders for World or Oriental Championship is a citizen of the Philippines, and said exhibitions...