Exclusion of PAGCOR from Coverage of Section 1 of P.D. No. 1931
Letter of Instructions No. 1430, issued by President Ferdinand E. Marcos on September 28, 1984, addresses the tax status of the Philippine Amusement and Gaming Corporation (PAGCOR). It notes that under Presidential Decree No. 1931, the President can restore tax exemptions for government-owned corporations based on their contribution to revenue generation. PAGCOR, which pays a 5% franchise tax on its gross earnings, is highlighted for its significant role in funding government projects. The directive effectively removes PAGCOR from the tax exemption limitations imposed by P.D. 1931, restoring its previous tax-exempt status. This measure is seen as supportive of the country's economic development initiatives.
Quick Answers
- What is Exclusion of PAGCOR from Coverage of Section 1 of P.D. No. 1931 about?
- Letter of Instructions No. 1430, issued by President Ferdinand E. Marcos on September 28, 1984, addresses the tax status of the Philippine Amusement and Gaming Corporation (PAGCOR). It notes that under Presidential Decree No. 1931, the President can restore tax exemptions for government-owned corporations based on their contribution to revenue generation. PAGCOR, which pays a 5% franchise tax on its gross earnings, is highlighted for its significant role in funding government projects. The directive effectively removes PAGCOR from the tax exemption limitations imposed by P.D. 1931, restoring its previous tax-exempt status. This measure is seen as supportive of the country's economic development initiatives.
- What type of law is Letter of Instructions No. 1430?
- Exclusion of PAGCOR from Coverage of Section 1 of P.D. No. 1931 (Letter of Instructions No. 1430) is a Philippine Presidential Issuances enacted by the Congress of the Philippines.
- When was Exclusion of PAGCOR from Coverage of Section 1 of P.D. No. 1931 enacted?
- Exclusion of PAGCOR from Coverage of Section 1 of P.D. No. 1931 (Letter of Instructions No. 1430) was enacted on Sep 28, 1984.
- What is the citation for Exclusion of PAGCOR from Coverage of Section 1 of P.D. No. 1931?
- Exclusion of PAGCOR from Coverage of Section 1 of P.D. No. 1931, Letter of Instructions No. 1430, Sep 28, 1984 (Philippines)
Law Information
- Reference Number
- Letter of Instructions No. 1430
- Date Enacted
- Category
- Presidential Issuances
- Subcategory
- Letters of Instructions
- Jurisdiction
- Philippines
- Enacting Body
- Congress of the Philippines
Full Law Text
September 28, 1984
LETTER OF INSTRUCTIONS NO. 1430
| TO | : | Minister of Finance |
| The Acting Commissioner of Customs | ||
| The Commissioner of Internal Revenue | ||
| All Concerned |
WHEREAS, on June 11, 1984, Presidential Decree No. 1931 was promulgated directing the rationalization of duty and tax exemption privileges granted to government-owned and controlled corporations and all other units of government; ISaCTE
WHEREAS, under Section 2 thereof, the President of the Philippines is empowered to restore partially or totally the exemptions of government-owned and controlled corporations taking into consideration the relative contribution of the corporation to the revenue generation effort and in general, the greater national interest to be served;
WHEREAS, under its already existing and exclusive franchise, PAGCOR is not exempted from tax. It is required to pay a Franchise tax equivalent to 5% of its gross earnings to the national government; thereafter, 50% of the share of the government in the gross earning is mandated under Section 12 of P.D. 1869 to be allocated in the funding of specific governmental projects, provided that if the gross earning is less than P150,000,000, the allocation shall be increased to 60%;
WHEREAS, considering further that a substantial amount of PAGCOR's profit is to be channelled to government socio-civic and infrastructure projects enumerated in Section 12 of the Charter of PAGCOR (P.D. 1869) or in any other projects which may be specified by the President, the restoration of PAGCOR's tax exemption could not be considered prejudicial to the country's overall program for economic development; SEIDAC
NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines, by virtue of the powers vested in me by the Constitution of the Philippines, do hereby order and direct that:
1. The Philippine Amusement and Gaming Corporation (PAGCOR), created under P.D. 1869 shall be removed from the coverage of Section 1 of P.D. 1931 promulgated on June 11, 1984. Accordingly, the legal effects of Section 13 of P.D. 1869, relative to PAGCOR's tax exemption shall be fully restored.
2. This LOI shall take effect immediately. EADSIa
DONE in the City of Manila, this 28th day of September, in the year of Our Lord, Nineteen Hundred and Eighty-Four.
Cite This Law
Exclusion of PAGCOR from Coverage of Section 1 of P.D. No. 1931, Letter of Instructions No. 1430, Sep 28, 1984 (Philippines)
Exclusion of PAGCOR from Coverage of Section 1 of P.D. No. 1931, Letter of Instructions No. 1430 (Phil. 1984)
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