Amending Section 360 of C.A. No. 466, As Amended (National Internal Revenue Code)
Presidential Decree No. 163, issued on March 29, 1973, amends Section 360 of the National Internal Revenue Code to allocate proceeds from withholding taxes paid by non-resident foreign corporations and individuals. It mandates that 30% of these net proceeds be set aside in a special account within the general fund to finance public works projects as determined by the President or an authorized representative. The remaining 70% will be directed to the National Government's general fund. This measure aims to facilitate the completion of essential infrastructure projects that support economic growth in localities. The decree took immediate effect upon issuance.
Quick Answers
- What is Amending Section 360 of C.A. No. 466, As Amended (National Internal Revenue Code) about?
- Presidential Decree No. 163, issued on March 29, 1973, amends Section 360 of the National Internal Revenue Code to allocate proceeds from withholding taxes paid by non-resident foreign corporations and individuals. It mandates that 30% of these net proceeds be set aside in a special account within the general fund to finance public works projects as determined by the President or an authorized representative. The remaining 70% will be directed to the National Government's general fund. This measure aims to facilitate the completion of essential infrastructure projects that support economic growth in localities. The decree took immediate effect upon issuance.
- What type of law is Presidential Decree No. 163?
- Amending Section 360 of C.A. No. 466, As Amended (National Internal Revenue Code) (Presidential Decree No. 163) is a Philippine Presidential Issuances enacted by the Congress of the Philippines.
- When was Amending Section 360 of C.A. No. 466, As Amended (National Internal Revenue Code) enacted?
- Amending Section 360 of C.A. No. 466, As Amended (National Internal Revenue Code) (Presidential Decree No. 163) was enacted on Mar 29, 1973.
- What is the citation for Amending Section 360 of C.A. No. 466, As Amended (National Internal Revenue Code)?
- Amending Section 360 of C.A. No. 466, As Amended (National Internal Revenue Code), Presidential Decree No. 163, Mar 29, 1973 (Philippines)
Law Information
- Reference Number
- Presidential Decree No. 163
- Date Enacted
- Category
- Presidential Issuances
- Subcategory
- Presidential Decrees
- Jurisdiction
- Philippines
- Enacting Body
- Congress of the Philippines
Full Law Text
March 29, 1973
PRESIDENTIAL DECREE NO. 163
FURTHER AMENDING SECTION 360 OF COMMONWEALTH ACT NO. 466, AS AMENDED, KNOWN AS THE NATIONAL INTERNAL REVENUE CODE
WHEREAS, there are included in existing Public Works Acts various infrastructure and development projects in the different provinces, cities and municipalities that cannot be implemented for lack of funds;
WHEREAS, the prosecution and completion of these national projects will contribute immensely to the growth of the economy of the nation and redound ultimately to the benefit of the localities where they are found; cdt
WHEREAS, the withholding tax at source, which are taxes paid by non-resident foreign corporations and individuals not residing within the Philippines, can be made available for the execution of these public works projects in the local areas.
NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines, by virtue of the powers vested in me by the Constitution as Commander-in-Chief of all 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, as amended, do hereby decree and order that Section 360 of the National Internal Revenue Code, as amended, be further amended by adding a new paragraph to be ultimate paragraph, which reads as follows:
"Sec. 360. Disposition of proceeds of Income, inheritance, and gift taxes.
xxx xxx xxx
"From the net proceeds of the withholding tax at source which have accrued and are payable during the current fiscal year, thirty (30%) per centum shall be set aside as a special account in the general fund for the purpose of financing public works projects to be determined by the President of the Philippines or his duly authorized representative, and seventy (70%) per centum shall accrue to the general fund of the National Government."
This Decree shall take effect immediately.
DONE in the City of Manila, this 29th day of March, in the year of Our Lord, Nineteen Hundred and Seventy-Three.
Cite This Law
Amending Section 360 of C.A. No. 466, As Amended (National Internal Revenue Code), Presidential Decree No. 163, Mar 29, 1973 (Philippines)
Amending Section 360 of C.A. No. 466, As Amended (National Internal Revenue Code), Presidential Decree No. 163 (Phil. 1973)
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