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...
Details
Amends
n/a
Amended by
n/a
Executive Orders
Further Amending Section 228 of the National Internal Revenue Code, as Amended
Executive Order No. 225
Summary of Executive Order No. 225
Tax Incentives for Professional Boxing
- Amends Section 228, paragraph (6) of the National Internal Revenue Code (Sec. 1)
• Imposes 10% amusement tax on boxing exhibitions (Sec. 1)
• Exempts boxing exhibitions where World or Oriental Championship in any division is at stake from amusement tax, provided: (Sec. 1)
• At least one of the contenders for World or Oriental Championship is a citizen of the Philippines (Sec. 1)
• The exhibition is promoted by a citizen/s of the Philippines or by a corporation/association with at least 60% of capital owned by Filipino citizens (Sec. 1)
Repeals and Modifications
• All provisions of laws, decrees, letters of instructions, orders, rules and regulations or parts thereof which are inconsistent with or contrary to this Executive Order are hereby repealed and/or modified accordingly (Sec. 2)
Effectivity
• This Executive Order shall take effect upon promulgation of the implementing rules and regulations by the Secretary of Finance (Sec. 3)
Tax Incentives for Professional Boxing
- Amends Section 228, paragraph (6) of the National Internal Revenue Code (Sec. 1)
• Imposes 10% amusement tax on boxing exhibitions (Sec. 1)
• Exempts boxing exhibitions where World or Oriental Championship in any division is at stake from amusement tax, provided: (Sec. 1)
• At least one of the contenders for World or Oriental Championship is a citizen of the Philippines (Sec. 1)
• The exhibition is promoted by a citizen/s of the Philippines or by a corporation/association with at least 60% of capital owned by Filipino citizens (Sec. 1)
Repeals and Modifications
• All provisions of laws, decrees, letters of instructions, orders, rules and regulations or parts thereof which are inconsistent with or contrary to this Executive Order are hereby repealed and/or modified accordingly (Sec. 2)
Effectivity
• This Executive Order shall take effect upon promulgation of the implementing rules and regulations by the Secretary of Finance (Sec. 3)