Supreme Court E-Library
Information At Your Fingertips


  View printer friendly version

[ PRESIDENTIAL DECREE NO. 1116, April 15, 1977 ]

INDEFINITELY SUSPENDING THE EFFECTIVITY OF PRESIDENTIAL DECREE NO. 779 WHICH IMPOSES A SCHEDULAR CAPITAL GAINS TAX ON STOCK TRANSACTIONS

WHEREAS, it is necessary to encourage transactions in shares of stock in order to generate more capital for economic development;

WHEREAS, the imposition of the schedular capital gains tax as provided by P.D. No. 779 which amended Section 34 of the National Internal Revenue Code, might adversely affect trading in shares of stock.

NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Republic of the Philippines, by virtue of the powers vested in me by the Constitution, do hereby order and decree as follows:

SECTION 1. The effectivity of P.D. No. 779 imposing a schedular income tax on capital gains arising from stock transactions is hereby suspended indefinitely.

SECTION 2. Effectivity. — This Decree shall take effect retroactively from January 1, 1976.

DONE in the City of Manila, this 15th day of April, in the year of Our Lord, Nineteen Hundred and Seventy-Seven.

 

 

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

 

 By the President:  
 

(Sgd.) JUAN C. TUVERA  

  Presidential Executive Assistant
© Supreme Court E-Library 2019
This website was designed and developed, and is maintained, by the E-Library Technical Staff in collaboration with the Management Information Systems Office.