PRESCRIBING THE MANNER OF COLLECTING THE INCOME TAX DUE ON THE NET PRIZE MONIES TO THE WINNERS OF THE INTERNATIONAL TENNIS CLASSICS SPONSORED Y THE PHILIPPINE LAWN TENNIS ASSOCI…

WHEREAS, the PHILIPPINE LAWN TENNIS ASSOCIATION has invited
international champions to come to the Philippines to participate in the
International Tennis Classics to be held in Manila from October 27 to
November 2, 1975;

WHEREAS, it is the intention of the Government to utilize
the income from international sports events to assists projects for the
development of sports.

NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the
Philippines, by virtue to the powers vested in me by the Constitution,
do hereby decree that:

SECTION 1. The provisions of the National Internal Revenue
Code and other existing laws to the contrary notwithstanding, the income
tax clue on the price monies of foreign participants in the
International Tennis Classics sponsored by the Philippine Lawn Tennis
Association to be held in Manila from October 27 to November 2, 1975
shall be withheld by the Philippine National Bank and applied to the
obligations of the Philippine Lawn Tennis Association incurred in
connection with the said International Tennis Classics.

SEC. 2. All other taxes, levies and assessments collected in
connection with the International Tennis Classics shall be turned over
by the Bureau of Internal Revenue to the Philippine Lawn Tennis
Association to affectuate the purpose of this Decree.

SEC. 3. This Decree shall take effect immediately.

Done in the City of Manila, this 3rd day of November, in the year
of Our Lord, nineteen hundred and seventy-five.