Preamble
WHEREAS, in line with the accelerated energy program of Government, the ten-year program has been compressed to a five-year program to attain national energy self-reliance at the soonest feasible time; WHEREAS, in the light of these developments, it is necessary to amend certain provisions of the National Internal Revenue Code of 1977, as amended, to make them more responsive to current conditions, acre specifically to the petroleum, coal, geothermal and other energy operations presently being conducted in the Philippines. NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines, by virtue of the powers vested in me by the Constitution of the Philippines, do hereby order and decree the following: SECTION l. Section 20, paragraph (b) of the National Internal Revenue Code is hereby further amended to read as follows: "(b) the term "Corporation" includes partnerships, no matter how created or organized, joint stock companies, joint accounts (cuentas en participacion), associations or insurance companies, but does not include general professional partnerships' and a joint venture or consortium formed for the purpose of undertaking construction projects or engaging in petroleum, coal, geothermal and other energy operations pursuit to an operating or consortium agreement under a service contract with the Government. General professional partnerships are partnerships formed by persons for the sole purpose of exercising their common profession, no part of the income of which, is derived from engaging in any trade or business."