FURTHER AMENDING SECTION 360 OF COMMONWEALTH ACT NO. 466, AS AMENDED, KNOWN AS THE NATIONAL INTERNAL REVENUE CODE

WHEREAS, there are included in existing Public Works Acts
various infrastructure and development projects in the different
provinces, cities and municipalities that cannot be implemented for lack
of funds;

WHEREAS, the prosecution and completion of these national
projects will contribute immensely to the growth of the economy of the
nation and redound ultimately to the benefit of the localities where
they are found; and

WHEREAS, the withholding tax at source, which are taxes
paid by non-resident foreign corporations and individuals not residing
within the Philippines, can be made available for the execution of these
public works projects in the local areas;

NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the
Philippines, by virtue of the powers in me vested 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 and
order that Section 360 of the National Internal Revenue Code, as
amended, be further amended by adding a new paragraph to be the ultimate
paragraph, which reads as follows:

“SEC. 360. Disposition of proceeds of
income, inheritance, and gift taxes.

“From the net proceeds of the withholding tax at source which
have accrued and are payable during the current fiscal year, thirty per
centum (30%) shall be set aside as a special account in the general fund
for the purpose of financing public works projects to be determined by
the President of the Philippines or his duly authorized representative
and seventy per centum (70%) shall accrue to the general fund of the
National Government.” This Decree shall take effect immediately.

Done in the City of Manila, this 29th day of March, in the year of
Our Lord, nineteen hundred and seventy-three.