Presidential Decree No. 939 (PD 939) — Amending Section Forty of Presidential Decree Numbered-Four Hundred and Sixty-Four, Otherwise Known as the Real Property Tax Code
WHEREAS, one of the primary goals of the Government is to
attain self-sufficiency thru increased food production, especially in
the basic food needs of our people;
WHEREAS, meat production is one of the sources of
such basic food needs which has not been fully developed;
WHEREAS, in order to boost and spur meat production in the
country, proper incentives should be made available to the private
sector engaged in livestock production;
WHEREAS, the grant of exemption from the real property tax
for a period of five (5) years to pasture and/or grazing lands
acquired by grant, purchase, or lease from the public domain actually
used for livestock production, is one such incentive;
WHEREAS, in order to grant this incentive, it is
necessary to amend accordingly Section 40, Chapter IV, of Presidential
Decree No. 464.
NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the
Philippines, by virtue of the powers in me vested by the Constitution,
in order to achieve the desired objective, do hereby decree and order as
part of the law of the land, the amendment of Section 40, Chapter IV,
of Presidential Decree No. 464, as follows:
SECTION 1. Section 40, Chapter IV, of Presidential Decree
No. 464, is hereby amended by adding a new paragraph after paragraph
(g), to be denominated as paragraph (h), to read as follows:
"(h) pasture and or grazing lands acquired by grant, purchase,
or lease from the public domain, actually used for livestock production,
for a period of five years beginning with calendar year 1977 and for
acquisitions made thereafter, the exemption shall begin with the year of
such acquisition."
SEC. 2. The Secretary of Finance shall issue the necessary
rules and regulations to implement this Decree.
SEC. 3. All laws, decrees, orders, rules and regulations
which are inconsistent with this Decree are hereby repeal ed and
modified accordingly.
SEC. 4. This Decree shall take effect immediately.
Done in the City of Manila, this 29th day of May, in the year
of Our Lord, nineteen hundred and seventy-six.
(Sgd.)
FERDINAND E. MARCOS
President
Republic of the Philippines
By the President:
(Sgd.)
JACOBO C. CLAVE
Presidential Executive Assistant
Source: Supreme Court E-Library, Republic of the Philippines. Philippine laws are public documents (works of the government).
