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EXECUTIVE ORDERS
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EXECUTIVE ORDER NO. 72 - FURTHER
AMENDING Sec. 227 OF THE NATIONAL INTERNAL REVENUE CODE, AS AMENDED,
AND FOR OTHER PURPOSES
WHEREAS,
there is a need to rationalize the taxes and exemptions on franchises
by prescribing a new rate structure on franchise operators and
withdrawing income tax exemptions;
NOW, THEREFORE, I, CORAZON C. AQUINO, President of the Philippines, do
hereby order:
Section 1.
“Sec.
227.
(a)
(b)
(c)
The grantee shall file the return with, and pay the tax due therein to, the Commissioner of Internal Revenue or his duly authorized representative in accordance with the provisions of Section 162 of this Code, and the return shall be subject to audit by the Bureau of Internal Revenue, any provision of any existing law to the contrary notwithstanding.”
Sec. 2.
Sec. 3.
Sec. 4.
Done in the City of Manila,
this 25th day of November in the year of Our Lord, nineteen hundred and
eighty-six.
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