Preamble
WHEREAS, the current economic crisis amounts to a grave emergency which affects the stability of the nation and requires immediate action; WHEREAS, there is an imperative need to simply and restructure certain provisions of the National Internal Revenue Code, particularly those imposing sales taxes; WHEREAS, the present sales tax system prescribes complicated and difficult compliance requirements for taxpayers which in turn creates serious problems of administration ; WHEREAS, it is the consensus of various business sectors that the multiplicity of sales tax rates have adversely affected to a great extent the conduct of their business ; WHEREAS, the issuance of this Decree is an essential and necessary component of the national economic recovery program formulated to meet and overcome the emergency; NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Republic of the Philippines, by virtue of the powers vested in me by the Constitution, do hereby order and decree: