REPEALING PRESIDENTIAL DECREE No. 1929 ENTITLED, "IMPOSING AN ECONOMIC STABILIZATION TAX; PRESCRIBING PENALTIES FOR VIOLATIONS HEREOF AND FOR OTHER PURPOSES."

• Number: Presidential Decree No. 1954
• Sections: 6

Preamble

WHEREAS, the current economic crisis amounts to a grave

emergency which affects the stability of the nation and requires immediate

action;

WHEREAS, the issuance of this Decree is an essential and

necessary component of the national economic recovery program formulated to meet

and overcome the emergency;

NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the

Philippines, pursuant to the powers vested in me by the Constitution, do hereby

direct and ordain:

Section 1

SECTION 1. Presidential Decree No. 1929, Imposing an

Economic Stabilization Tax; Prescribing Penalties for Violations Hereof and for

Other Purposes, is hereby repealed.

Section 2

SEC. 2. Exports from the Philippines, heretofore subject to

the Economic Stabilization Tax aforementioned shall not be subject to the

Economic Stabilization Tax effective the day after the effectivity of this

Decree; Provided, however, that such exports made prior to that date shall

continue to be subject to the Economic Stabilization Tax, at the rates

prescribed therein, and shall be, paid within the period specified

thereunder.

Section 3

SEC. 3. Violations of the provisions of Presidential Decree

No. 1929 and the rules and regulations issued pursuant thereto committed before

the effectivity of this Decree shall continue to be prosecuted and the

penalties, surcharges and interests prescribed therein correspondingly

imposed.

Section 4

SEC. 4. All provisions of law or rules and regulations

inconsistent herewith are hereby repealed, revoked or modified accordingly.

Section 5

SEC. 5. This Decree shall take effect on October 14,

1984,

Done in the City of Manila, this 10th day of October, in the year of Our

Lord, nineteen hundred and eighty-four.

(Sgd.) FERDINAND E. MARCOS

President of the

Philippines

By the President:

(Sgd.) JUAN C. TUVERA

Presidential Executive Assistant