PRESIDENTIAL DECREE NO. 10, October 02, 1972

[ PRESIDENTIAL DECREE NO. 10, October 02, 1972 ]

REDUCING THE PERCENTAGE TAX ON STOCK TRANSACTIONS

WHEREAS, the imposition of the two per cent tax on stock transactions as prescribed in Republic Act No. 6141 has adversely affected transactions in stocks, and consequently slowed down the operations of various industries;

WHEREAS, fiscal and economic experts of the Government are agreed that the tax be reduced to a more reasonable rate;

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 the Armed Forces of the Philippines, and pursuant to Proclamation No. 1081, dated September 21, 1972, do hereby decree and order:

(1) That the percentage tax on stock transactions is hereby reduced from two per centum to one fourth of one per centum.

Done in the City of Manila, this 2nd 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.) ROBERTO V. REYES

Acting Executive Secretary