Further Extending the Period of Suspension of Payment of the Increase in Tax on Gross Sales of Rice and Corn

December 30, 1983

LETTER OF INSTRUCTIONS NO. 1369

FURTHER EXTENDING THE PERIOD OF SUSPENSION OF PAYMENT OF THE INCREASE IN TAX ON GROSS SALES OF RICE AND CORN

 

WHEREAS, it is the avowed policy of the State to promote the integrated growth and development of the grains industry to provide continuous and adequate food supply within the reach of the people; SDHTEC

WHEREAS, in consonance with the above policy, Letters of Instructions Nos. 664, 874 and 1141 were issued suspending the implementation of the increase of tax on gross sales of rice and corn under the New Internal Revenue Code;

WHEREAS, the latest extension under Letter of Instructions No. 1141 dated 25 May 1981 will expire on 31 December 1983; and

WHEREAS, considering the present economic situation, it is still necessary to extend the suspension of the increase on gross sales tax on rice and corn.

NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Republic of the Philippines, by virtue of the powers vested in me by the Constitution, do hereby direct and order the Ministry of Finance, the Bureau of Internal Revenue and all concerned to extend for another two-year period beginning 01 January 1984 the suspension of the increase in tax on the gross sales of rice and corn.

All provisions of Laws, Orders and Letters of Instructions inconsistent with the provisions of this Letter of Instructions are hereby repealed and/or modified accordingly.

These instructions shall take effect on 01 January 1984.

DONE in the City of Manila, this 30th day of December, in the year of Our Lord, nineteen hundred and eighty-three.