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LETTER OF INSTRUCTIONS
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LETTER OF INSTRUCTIONS NO. 1466 |
Acting Commissioner of Customs
Acting Commissioner of Internal Revenue
All Concerned
WHEREAS, under Executive Order No. 988, there shall be levied, collected and paid, in addition to any other duties, taxes and charges imposed by law, on all importations into the Philippines an additional duty of 5% ad valorem;
WHEREAS, the aforesaid ad valorem duty shall also be levied, collected and paid even if the importation is exempt under existing laws;
WHEREAS, under the existing and exclusive franchise, PAGCOR is exempt from the payment of all kinds of customs duties, taxes and other imposts, whether national or local, but in lieu thereof, PAGCOR is required to pay a franchise tax equivalent to 5% of its gross earnings to the national government; thereafter, 50% of the share of the government in the gross earnings is mandated under Section 12 of P.D. 1869 to be allocated in the funding of specific governmental projects: Provided, That if the gross earnings is less than P150M, the allocation shall be increased to 60%;
WHEREAS, considering the substantial contribution of PAGCOR to the revenue of the government, the exemption of PAGCOR from the coverage of Executive Order No. 955, as amended by Executive Order No. 988, could not be considered prejudicial to the revenue generation effort of the government.
NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines, by virtue of the powers vested in me, do hereby order and direct that;
SECTION 1. The Philippine Amusement and Gaming Corporation (PAGCOR) created under P.D. 1869, shall be exempt from the payment of the 5% ad valorem duty on importations prescribed under Executive Order No. 955, as amended by Executive Order No. 988;
Sec. 2. This Letter of Instructions shall take
effect immediately.
DONE in the City of Manila,
this 4th day of June in the year of Our Lord, Nineteen Hundred and
Eighty-Five.
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