AMENDING THE NATIONAL INTERNAL REVENUE CODE, AS AMENDED, BY ADDING ANOTHER SUPPLEMENT, TO BE KNOWN AS “SUPPLEMENT B,” TO TITLE II (INCOME TAX), BY PLACING CORPORATIONS ON A TAX …

WHEREAS, in order to achieve that desired end it is
necessary to introduce a new system of income tax payment on a quarterly
basis that is both advantageous to the Government and to the taxpayer;
and

WHEREAS, there was pending before Congress before
the promulgation of Proclamation No. 1081, dated September 21, 1972, a
bill on the subject, entitled “AN ACT AMENDING THE NATIONAL
REVENUE CODE, AS AMENDED, BY ADDING ANOTHER SUPPLEMENT, TO BE KNOWN AS
“SUPPLEMENT B,” TO TITLE II (INCOME TAX), BY PLACING CORPORATIONS ON A
TAX WITHHOLDING SYSTEM” and denominated as H. B. No. 5480;

NOW, THEREFORE, I, FERDINAND E. MARCOS, President of
the Philippines, by virtue of the powers vested in me by the
Constitution as Commander-in-Chief of all the Armed Forces of the
Philippines, and pursuant to Proclamation No. 1081, dated September 21,
1972, and General Order No. 1, dated September 22, 1972, as amended, do
hereby decree that H. B. No. 5480 is hereby adopted, approved and made
as part of the law of the land.

This Decree shall take effect immediately,

Done in the City of Manila, this 27th day of October, in the year of
Our Lord, nineteen hundred and seventy-two.

			(Sgd.) FERDINAND E. MARCOS President Republic of the Philippines
	By the President:
	(Sgd.) ALEJANDRO MELCHOR
		Executive Secretary