PRESIDENTIAL DECREE NO. 220, June 20, 1973

[ PRESIDENTIAL DECREE NO. 220, June 20, 1973 ]

EXEMPTING SOCIAL SECURITY BENEFITS, RETIREMENT GRATUITIES, PENSIONS AND OTHER SIMILAR BENEFITS FROM PAYMENT OF INCOME TAXES.

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, provisions of any existing law to the contrary notwithstanding, social security benefits, retirement gratuities, pensions and other similar benefits received by retiring employees and workers, whether received from Philippine or foreign government agencies and other institutions, private or public, shall be exempt from the payment of income tax;

That this Decree shall be effective immediately after its approval.

Done in the City of Manila, this 20th day of June, in the year of Our Lord, nineteen hundred and seventy-three.

(Sgd.) FERDINAND E. MARCOS President

Republic of the Philippines

By the President:

(Sgd.) ROBERTO V. REYES

Assistant Executive Secretary