WHEREAS, it is the policy of the State to encourage the
development of sports not only to promote the physical fitness program
of the Government but also to promote international understanding and
camaraderie thru sports;
WHEREAS, the Philippines has been lately the site of various
international competitions in sports, such as soft-ball, basketball,
chess, golf, etc.;
WHEREAS, it is noted that while all sporting goods are
subject to the 7% sales tax, polo mallets and balls, golf bags, clubs
and balls, chess and checker boards and pices, remain subject to the
prohibitive rate of 70% sales tax;
WHEREAS, in order to give meaning to the sports development
program of the Government, it is necessary to amend certain portions of
the National Internal Revenue Code;
NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the
Philippines, by virtue of the powers in me vested by the Constitution do
hereby decree and order that paragraph (e) of Section 184 of the
National Internal Revenue Code, as further amended by Presidential
Decree No. 69, be, as it is hereby, repealed.
All laws, decrees, rules and regulations contrary to or inconsistent
herewith are hereby modified or repealed accordingly.
This
Decree shall take effect immediately.
Done in the City of Manila, this 23rd day of May, in the year of
Our Lord, nineteen hundred and seventy-four.
(Sgd.)
FERDINAND E. MARCOS
President of the Philippines
By the President:
(Sgd.)
ALEJANDRO MELCHOR
Executive Secretary