Exemption of Marginal Farmers from Payment of Percentage Taxes Under the NIRC
Letter of Instructions No. 1055 • Presidential Issuances • Letters of Instructions • Aug 17, 1980
Full text
August 17, 1980 LETTER OF INSTRUCTIONS NO. 1055 TO : The Minister of Finance Commissioner of Internal Revenue To uplift the economic well being of individual farmers engaged in small-scale, subsistence farming in line with the social amelioration program of the Government, a marginal farmer which shall mean an individual engaged in small-scale, subsistence farming, whose sales, barters or exchanges of agricultural products produced by himself do not exceed a gross value of P20,000 per annum , is hereby exempted from the payment of the fixed and percentage taxes imposed by Section 192(1) and 198 of the National Internal Revenue Code of 1977 as amended. The Minister of Finance, upon recommendation of the Commissioner of Internal Revenue, shall issue the necessary rules and regulations to implement this Letter of Instructions. DONE in the City of Manila, this 17th day of August, in the year of Our Lord, Nineteen Hundred and Eighty.
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