Manner of Collection of Income Tax Due on Net Prize Monies of International Tennis Classics Winners
Presidential Decree No. 822, issued on November 3, 1975, establishes the tax collection framework for income derived from net prize monies awarded to winners of the International Tennis Classics in Manila. It mandates that the Philippine National Bank withhold income tax from foreign participants' prize earnings, directing those funds to cover obligations of the Philippine Lawn Tennis Association. Additionally, other taxes related to the event are to be collected by the Bureau of Internal Revenue and handed over to the association to support sports development projects. The decree takes immediate effect.
Quick Answers
- What is Manner of Collection of Income Tax Due on Net Prize Monies of International Tennis Classics Winners about?
- Presidential Decree No. 822, issued on November 3, 1975, establishes the tax collection framework for income derived from net prize monies awarded to winners of the International Tennis Classics in Manila. It mandates that the Philippine National Bank withhold income tax from foreign participants' prize earnings, directing those funds to cover obligations of the Philippine Lawn Tennis Association. Additionally, other taxes related to the event are to be collected by the Bureau of Internal Revenue and handed over to the association to support sports development projects. The decree takes immediate effect.
- What type of law is Presidential Decree No. 822?
- Manner of Collection of Income Tax Due on Net Prize Monies of International Tennis Classics Winners (Presidential Decree No. 822) is a Philippine Presidential Issuances enacted by the Congress of the Philippines.
- When was Manner of Collection of Income Tax Due on Net Prize Monies of International Tennis Classics Winners enacted?
- Manner of Collection of Income Tax Due on Net Prize Monies of International Tennis Classics Winners (Presidential Decree No. 822) was enacted on Nov 3, 1975.
- What is the citation for Manner of Collection of Income Tax Due on Net Prize Monies of International Tennis Classics Winners?
- Manner of Collection of Income Tax Due on Net Prize Monies of International Tennis Classics Winners, Presidential Decree No. 822, Nov 3, 1975 (Philippines)
Law Information
- Reference Number
- Presidential Decree No. 822
- Date Enacted
- Category
- Presidential Issuances
- Subcategory
- Presidential Decrees
- Jurisdiction
- Philippines
- Enacting Body
- Congress of the Philippines
Full Law Text
November 3, 1975
PRESIDENTIAL DECREE NO. 822
PRESCRIBING THE MANNER OF COLLECTING THE INCOME TAX DUE ON THE NET PRIZE MONIES TO THE WINNERS OF THE INTERNATIONAL TENNIS CLASSICS SPONSORED BY THE PHILIPPINE LAWN TENNIS ASSOCIATION TO BE HELD FROM OCTOBER 27 TO NOVEMBER 2, 1975 IN MANILA AND THE DISPOSITION OF THE PROCEEDS THEREOF
WHEREAS, it is the avowed policy of the government to promote sports and encourage sports development;
WHEREAS, the PHILIPPINE LAWN TENNIS ASSOCIATION has invited international champions to come to the Philippines to participate in the International Tennis Classics to be held in Manila from October 27 to November 2, 1975;
WHEREAS, it is the intention of the Government to utilize the income from international sports events to assist projects for the development of sports.
NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines, by virtue to the powers vested in me by the Constitution, do hereby decree that:
SECTION 1. The provisions of the National Internal Revenue Code and other existing laws to the contrary notwithstanding, the income tax due on the price monies of foreign participants in the International Tennis Classics sponsored by the Philippine Lawn Tennis Association to be held in Manila from October 27 to November 2, 1975 shall be withheld by the Philippine National Bank and applied to the obligations of the Philippine Lawn Tennis Association incurred in connection with the said International Tennis Classics. cdt
SECTION 2. All other taxes, levies and assessments collected in connection with the International Tennis Classics shall be turned over by the Bureau of Internal Revenue to the Philippine Lawn Tennis Association to effectuate the purpose of this Decree.
SECTION 3. This Decree shall take effect immediately.
DONE in the City of Manila, this 3rd day of November, in the year of Our Lord, Nineteen Hundred and Seventy-Five.
Cite This Law
Manner of Collection of Income Tax Due on Net Prize Monies of International Tennis Classics Winners, Presidential Decree No. 822, Nov 3, 1975 (Philippines)
Manner of Collection of Income Tax Due on Net Prize Monies of International Tennis Classics Winners, Presidential Decree No. 822 (Phil. 1975)
Related Laws
- Manner of Collection of Income Tax Due on Net Purse Payable to Muhammad Ali and Joe FrazierPresidential Decree No. 804 • Sep 30, 1975 • Presidential Issuances
- Increasing the Rates of Tax on Winnings in Jai-Alai and Horse RacingPresidential Decree No. 1157 • Jun 3, 1977 • Presidential Issuances
- Condoning Penalties for Certain Violations of the Income Tax LawPresidential Decree No. 1740 • Sep 17, 1980 • Presidential Issuances
- Granting Tax Amnesty on Untaxed Income and/or Wealth Earned or Acquired During Taxable Years 1974-1980Presidential Decree No. 1840 • Sep 19, 1981 • Presidential Issuances
- Guidelines Governing Grant of Amnesty to Persons Who Failed to File Income Tax ReturnsLetter of Instructions No. 129 • Sep 18, 1973 • Presidential Issuances
- Amendments to NIRC, As Amended, Re: Addition of "Supplement B" To Title II (Income Tax)Presidential Decree No. 30 • Oct 27, 1972 • Presidential Issuances
Browse More Presidential Issuances
Explore other laws in the Presidential Issuances category.
View All Presidential IssuancesNeed Help Understanding This Law?
Ask our AI assistant to explain provisions, implications, or related laws.
Ask AI About This Law