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PHILIPPINE LAWS, STATUTES & CODES
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EXECUTIVE ORDERS
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EXECUTIVE ORDER NO. 40 - FURTHER
AMENDING SECTION 163 OF THE NATIONAL INTERNAL REVENUE CODE, AS AMENDED
WHEREAS, books are indispensable in
the pursuit of knowledge and education;
WHEREAS, imported textbooks, pocketbooks and bestsellers, and other
similar publications are classified in the National Internal Revenue
Code, as amended, as other articles subject to a sales tax higher than
the sales tax of essential articles;
WHEREAS, the reclassification of imported books as essential articles
will result in the reduction of their prices, and thereby promote their
wide leadership and use
NOW, THEREFORE, I CORAZON C. AQUINO, President of the Philippines, do
hereby order:
Section 1.
“(o)
Sec. 2.
Sec. 3.
Sec. 4.
Done in the City of Manila,
this 22nd day of August, in the year of Our Lord, nineteen hundred and
eighty-six.
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