AMENDING SECTION 9 OF THE LOCAL TAX CODE

• Number: Presidential Decree No. 863
• Sections: 3

Section 1

SECTION 1. Section 9, Article 1, Chapter II of Presidential

Decree No. 231, otherwise known as the Local Tax Code, is hereby amended

to read as follows:

"SEC. 9. Franchise Tax—Any provision of special laws to the

contrary notwithstanding, the province may impose a tax on businesses

enjoying franchise, based on the gross receipts realized within its

territorial jurisdiction, at the rate not exceeding one-half of one

per cent of the gross annual receipts for the preceding calendar year;

provided, however, that the franchise tax authorized in this section

shall not be imposed on broadcast radio stations and television firms

duly registered with the Broadcast Media Council created under

Presidential Decree No. 576.

* * * * * * *

Section 2

SEC. 2. All laws, decrees, executive orders, rules or

regulations which are in conflict or inconsistent with this Decree are

hereby amended, modified or repealed accordingly.

Section 3

SEC. 3. This Decree shall take effect immediately.

Done in the City of Manila, this 29th day of December, in the

year of Our Lord, nineteen hundred and seventy-five.

(Sgd.)

FERDINAND E. MARCOS

President

Republic of the Philippines

By the President:

(Sgd.)

JUAN C. TUVERA

Presidential Assistant