Exemption of Marginal Farmers from Payment of Percentage Taxes Under the NIRC
Letter of Instructions No. 1055, issued on August 17, 1980, aims to enhance the economic well-being of individual farmers engaged in small-scale, subsistence farming as part of the government's social amelioration program. It defines a "marginal farmer" as someone whose annual agricultural sales do not exceed P20,000 and exempts them from certain taxes under the National Internal Revenue Code. The Minister of Finance, with the Commissioner of Internal Revenue's recommendations, is tasked with creating the necessary regulations for implementing this directive.
Law Information
- Reference Number
- Letter of Instructions No. 1055
- Date Enacted
- Category
- Presidential Issuances
- Subcategory
- Letters of Instructions
- Jurisdiction
- Philippines
- Enacting Body
- Congress of the Philippines
Full Law 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.
Cite This Law
Exemption of Marginal Farmers from Payment of Percentage Taxes Under the NIRC, Letter of Instructions No. 1055, Aug 17, 1980 (Philippines)
Exemption of Marginal Farmers from Payment of Percentage Taxes Under the NIRC, Letter of Instructions No. 1055 (Phil. 1980)
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