Suspension of Implementation of P.D. No. 1929
Letter of Instructions No. 1429, issued on September 22, 1984, by President Ferdinand E. Marcos, suspends the implementation of the Economic Stabilization Tax on exports from the Philippines as established by Presidential Decree No. 1929. This suspension takes effect on September 24, 1984, while exports prior to this date remain subject to the original tax provisions. The decision to suspend the tax comes in light of recent developments warranting a review of its effectiveness amid inflationary pressures. The suspension will remain in effect until the Minister of Finance and the Governor of the Central Bank provide their assessments and recommendations regarding the tax's continuation.
Law Information
- Reference Number
- Letter of Instructions No. 1429
- Date Enacted
- Category
- Presidential Issuances
- Subcategory
- Letters of Instructions
- Jurisdiction
- Philippines
- Enacting Body
- Congress of the Philippines
Full Law Text
September 22, 1984
LETTER OF INSTRUCTIONS NO. 1429
SUSPENDING THE IMPLEMENTATION OF PRESIDENTIAL DECREE NO. 1929
| TO | : | The Minister of Finance |
| The Governor of the Central Bank of the Philippines | ||
| The Acting Commissioner of Customs |
WHEREAS, Presidential Decree No. 1929 was issued as a temporary measure to complement other stabilization measures adopted to counteract inflation pressures as a result of the increased peso earnings generated by the adjustment in the exchange rate of the peso; and aisa dc
WHEREAS, recent developments, as well as other measures adopted, warrant a review of the effectiveness of this measure;
NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines, by virtue of the powers vested in me by the Constitution, do hereby direct:
1. The assessment and collection of the Economic Stabilization Tax imposed under Presidential Decree No. 1929 shall be suspended on all exports from the Philippines effective September 24, 1984.
2. Exports prior to that date shall be subject to the provisions of Presidential Decree No. 1929 and the rules and regulations issued in implementation thereof.
3. This Letter of Instructions shall be in effect until the Minister of Finance and the Governor of the Central Bank shall have submitted their findings and recommendations on the need to continue the imposition of an Economic Stabilization Tax on exports from the Philippines.
DONE in the City of Manila, this 22nd day of September, in the year of Our Lord, Nineteen Hundred and Eighty-Four.
Cite This Law
Suspension of Implementation of P.D. No. 1929, Letter of Instructions No. 1429, Sep 22, 1984 (Philippines)
Suspension of Implementation of P.D. No. 1929, Letter of Instructions No. 1429 (Phil. 1984)
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