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[ PRESIDENTIAL 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 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 as part of the law of the land the following measure:

SECTION 1. Article seven of H.B. 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 of 1972, the declaration of estimated net taxable income shall be filed, and the tax due thereon shall be paid, [as follows: For the first quarter, on or before the last day of the seventh month of the taxable year; for the second quarter, on or before the last day of the ninth month of the taxable year; and for the third quarter, on or before the last day of the eleventh month of the taxable year; and the adjustment and final return shall be filed, and the tax due thereon paid, on or before April fifteen nineteen hundred seventy-three or on or before the fifteenth day of the fourth month following the close of fiscal year nineteen hundred and seventy-two] IN ACCORDANCE WITH A SCHEDULE TO BE RECOMMENDED BY THE COMMISSIONER OF INTERNAL REVENUE AND APPROVED BY THE SECRETARY OF FINANCE.

"The income tax due for taxable year nineteen hundred and seventy-one which still remains unpaid at the time of the approval of this Decree shall, notwithstanding the provisions in Section fifty-one of this title, be payable in equal monthly installments starting on the last day of the first month following the approval of this Decree; up to December thirty-first, nineteen hundred and seventy-two [or up to the last month of fiscal year nineteen hundred and seventy-two]."

SEC. 2. Presidential Decree No. 30, dated October 27, 1972, and regulations part thereof inconsistent herewith are hereby revoked or amended accordingly.

Done in the City of Manila, this 15th day of November, in the year of Our Lord, nineteen hundred and seventy-two.

 

(Sgd.) FERDINAND E. MARCOS
President
Republic of the Philippines
   

 

 By the President:  
 

(Sgd.) ALEJANDRO MELCHOR  

  Executive Secretary
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