Preamble
WHEREAS, the present law in Sec. 216 of the National internal Revenue Code, requires the issuance of sales invoices and receipts for merchandise or services worth five pesos (P5.00) or more, subject to the imposition of fine and imprisonment in case of violation, under Sec. 220-A thereof; WHEREAS, considering the depreciation of the currency, said requirement has now become obsolete coupled with the fact that the penalty prescribed is quite stiff; WHEREAS, in order to encourage cooperation of taxpayers thru voluntary tax compliance, it is deemed fit and proper to change the present requirement so as to increase the mandatory amount to a more realistic level as well as to modify the existing penalties for violation; NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines, by virtue of the powers vested in me by the Constitution, do hereby order and decree the following: