WHEREAS, the imposition of the two per cent tax on
stock transactions as prescribed in Republic Act No. 6141 has adversely
affected transactions in stocks, and consequently slowed down the
operations of various industries;
WHEREAS, fiscal and economic experts of the
Government are agreed that the tax be reduced to a more reasonable rate;
NOW, THEREFORE, I, FERDINAND E. MARCOS, President of
the Philippines, by virtue of the powers vested in me by the
Constitution as Commander-in-Chief of the Armed Forces of the
Philippines, and pursuant to Proclamation No. 1081, dated September 21,
1972, do hereby decree and order:
(1) That the percentage tax on stock transactions is hereby reduced
from two per centum to one fourth of one per centum.
Done in the City of Manila, this 2nd day of October, in the year of
Our Lord, nineteen hundred and seventy-two.
(Sgd.) FERDINAND E. MARCOS
President
Republic of the Philippines
By the President:
(Sgd.) ROBERTO V. REYES
Acting Executive Secretary