WHEREAS, there is a need to ensure the continuous
and even flow of revenue collection in order to provide ready financing
for essential Government operations and projects;
WHEREAS, in order to achieve that desired end it is
necessary to introduce a new system of income tax payment on a quarterly
basis that is both advantageous to the Government and to the taxpayer;
and
WHEREAS, there was pending before Congress before
the promulgation of Proclamation No. 1081, dated September 21, 1972, a
bill on the subject, entitled "AN ACT AMENDING THE NATIONAL
REVENUE CODE, AS AMENDED, BY ADDING ANOTHER SUPPLEMENT, TO BE KNOWN AS
"SUPPLEMENT B," TO TITLE II (INCOME TAX), BY PLACING CORPORATIONS ON A
TAX WITHHOLDING SYSTEM" and denominated as H. B. No. 5480;
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 all the Armed Forces of the
Philippines, and pursuant to Proclamation No. 1081, dated September 21,
1972, and General Order No. 1, dated September 22, 1972, as amended, do
hereby decree that H. B. No. 5480 is hereby adopted, approved and made
as part of the law of the land.
This Decree shall take effect immediately,
Done in the City of Manila, this 27th 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.) ALEJANDRO MELCHOR
Executive Secretary
[*] Amended by Presidential
Decree No. 50.