Preamble
WHEREAS, the Local Tax Code enacted under Presidential Decree No. 231 took effect on July 1, 1973; and WHEREAS, there is an imperative necessity to enact amendatory measures to make the Local Tax Code more responsive and attuned to the changing patterns of business and economic trends and thereby transform it into a more effective instrument by which local governments may generate urgently needed revenues without unduly disturbing price levels in the domestic market; NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines, by virtue of the powers in me vested by the Constitution, do hereby decree, order and make as part of the law of the land the following amendments to the Local Tax Code: