Establishment of Internal Revenue Labels Trust Fund

July 30, 1985 EXECUTIVE ORDER NO. 1043 ESTABLISHING AN INTERNAL REVENUE LABELS TRUST FUND AND FOR OTHER PURPOSES WHEREAS, the Bureau of Internal Revenue is charged with the responsibility to prescribe, provide, and distribute requisite licenses, internal revenue stamps, labels, certificates and other forms used in administering national internal revenue laws WHEREAS, there is an imperative need to ensure that this responsibility to discharged property and efficiently. 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 direct the following: cd SECTION 1. There is hereby established an Internal Revenue Labels Trust Fund, hereinafter referred to as the Fund, to be used for the payment of the cost and other incidental expenses incurred in the printing and distribution of internal revenue labels affixed on alcoholic products as well as for the purchase of apparatus, equipment, including improvement and adoption of modern methods for the effective enforcement and collection of internal revenue taxes. The Fund shall be constituted out of all amounts collected by the Bureau from users of internal revenue labels, including those already collected as of December 31, 1984: Provided, however , that the Bureau is not inhibited from providing in its annual budget such amounts as are necessary to accomplish the purposes of this Executive Order. SECTION 2. The amounts accruing to the Fund, including interest earned, shall be deposited in any authorized government depository bank and shall be considered as automatically appropriated for the purpose authorized in this Executive Order. SECTION 3. This Executive Order shall take effect upon its approval. DONE in the City of Manila, this 30th day of July, in the year of Our Lord, Nineteen Hundred and Eighty-Five. Published in the Official Gazette, Vol. 81 No. 33 page 3609 on August 19, 1985.