Revised Minimum Quarterly Gross Receipts for Percentage Tax on Common Carriers and Keepers of Garages

June 5, 1979 PROCLAMATION NO. 1861 ANNOUNCING THE EFFECTIVITY OF THE REVISED MINIMUM QUARTERLY GROSS RECEIPTS FOR PURPOSES OF THE PERCENTAGE TAX ON COMMON CARRIERS AND KEEPERS OF GARAGES UNDER SECTION 207 OF THE NATIONALINTERNAL REVENUECODE, AS AMENDED WHEREAS, Section 26 of Presidential Decree No. 1457 amended Section 207 of the National Internal Revenue Code by revising the minimum quarterly gross receipts for purposes of computing the two per centum percentage tax on common carriers; WHEREAS, under Section 26 thereof, the amendment shall become effective only upon the order of the President taking into account the authorized increased rates of transportation fares collectible by common carriers; WHEREAS, considering that the general transportation fare increase by common carriers as authorized since March 24, 1979 has rendered obsolete the present minimum gross receipts for common carrier's tax purposes and therefore necessitates the adjustment of the level of the said presumptive minimum gross receipts commensurate with the latest authorized increases in transportation fares; NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines, by virtue of the powers vested in me by Section 26, Presidential Decree No. 1457, do hereby proclaim the applicability of the minimum quarterly gross receipts prescribed under Section 207, as amended by the said Presidential Decree, for purposes of computing the two per centum tax on common carriers and keepers of garages. IN WITNESS WHEREOF, I have hereunto set my hand and caused the seal of the Republic of the Philippines to be affixed. aisa dc DONE in the City of Manila, this 5th day of June, in the year of Our Lord, Nineteen Hundred and Seventy-Nine. Published in the Official Gazette, Vol. 75 No. 28 Page 5482 on July 2, 1979.