EXECUTIVE ORDER NO. 273 July 25, 1987 [PART III]

Sec. 23. The following sections of the National Internal Revenue Code and all references thereto are renumbered as follows:

Present Number	New Number
Section 27	Section 26
Section 28	Section 27
Section 29	Section 28
Section 30	Section 29
Section 31	Section 30
Section 32	Section 31
Section 33	Section 32
Section 34	Section 33
Section 35	Section 34
Section 36	Section 35
Section 37	Section 36
Section 38	Section 37
Section 39	Section 38
Section 40	Section 39
Section 41	Section 40
Section 42	Section 41
Section 43	Section 42
Section 44	Section 43
Section 45	Section 44
Section 46	Section 45
Section 47	Section 46
Section 48	Section 47
Section 49	Section 48
Section 50	Section 49
Section 51	Section 50
Section 52	Section 51
Section 53	Section 52
Section 54	Section 53
Section 55	Section 54
Section 56	Section 55
Section 57	Section 56
Section 58	Section 57
Section 59	Section 58
Section 60	Section 59
Section 61	Section 60
Section 62	Section 61
Section 63	Section 62
Section 64	Section 63
Section 65	Section 64
Section 66	Section 65
Section 67	Section 66
Section 68	Section 67
Section 69	Section 68
Section 70	Section 69
Section 71	Section 70
Section 72	Section 71
Section 73	Section 72
Section 74	Section 73
Section 75
Section 76
Section 77
Section 78
Section 79
Section 80
Section 81
Section 82
Section 83
Section 84	Section 74
Section 85	Section 75
Section 86	Section 76
Section 87	Section 77
Section 88	Section 78
Section 89	Section 79
Section 90	Section 80
Section 91	Section 81
Section 92	Section 82
Section 93	Section 83
Section 94	Section 84
Section 95	Section 85
Section 96	Section 86
Section 97	Section 87
Section 98	Section 88
Section 99	Section 89
Section 100	Section 90
Section 101	Section 91
Section 102	Section 92
Section 103	Section 93
Section 104	Section 94
Section 105	Section 95
Section 106	Section 96
Section 107	Section 97
Section 108	Section 98
Section 171	Section 113
Section 172	Section 114
Section 173	Section 115
Section 175	Section 116
Section 227	Section 117
Section 240	Section 118
Section 220	Section 119
Section 221	Section 120
Section 223	Section 121
Section 226	Section 122
Section 228	Section 123
Section 229	Section 124
Section 162	Section 125
Section 109	Section 126
Section 110	Section 127
Section 111	Section 128
Section 112	Section 129
Section 113	Section 130
Section 114	Section 131
Section 115	Section 132
Section 116	Section 133
Section 117	Section 134
Section 118	Section 135
Section 119	Section 136
Section 120	Section 137
Section 121	Section 138
Section 123	Section 139
Section 124	Section 140
Section 125	Section 141
Section 126	Section 142
Section 239	Section 143
Section 127	Section 144
Section 128	Section 145
Section 131	Section 146
Section 133	Section 147
Section 135	Section 148
Section 135-A	Section 149
Section 163(1)	Section 150
(a), (b) and (g)
Section 129, 132,
216 (b), 217,
218, and 219	Section 151
Section 136	Section 152
Section 137	Section 153
Section 138	Section 154
Section 139	Section 155
Section 140	Section 156
Section 141	Section 157
Section 142	Section 158
Section 143	Section 159
Section 144	Section 160
Section 145	Section 161
Section 146	Section 162
Section 147	Section 163
Section 148	Section 164
Section 149	Section 165
Section 150	Section 166
Section 151	Section 167
Section 152	Section 168
Section 153	Section 169
Section 154	Section 170
Section 155	Section 171
Section 156	Section 172
Section 186	Section 173
Section 187	Section 174
Section 188	Section 175
Section 189	Section 176
Section 192	Section 177
Section 191	Section 178
Section 190	Section 179
Section 193	Section 180
Section 194	Section 181
Section 195	Section 182
Section 196	Section 183
Section 197	Section 184
Section 198	Section 185
Section 199	Section 186
Section 200	Section 187
Section 201	Section 188
Section 202	Section 189
Section 203	Section 190
Section 204	Section 191
Section 205	Section 192
Section 206	Section 193
Section 207	Section 194
Section 208	Section 195
Section 209	Section 196
Section 210	Section 197
Section 211	Section 198
Section 212	Section 199
Section 213	Section 200
Section 214	Section 201
Section 264	Section 202
Section 268	Section 203
Section 246	Section 204
Section 253	Section 205
Section 254	Section 206
Section 255	Section 207
Section 256	Section 208
Section 257	Section 209
Section 258	Section 210
Section 259	Section 211
Section 260	Section 212
Section 261	Section 213
Section 262	Section 214
Section 263	Section 215
Section 265	Section 216
Section 266	Section 217
Section 267	Section 218
Section 242	Section 219
Section 252	Section 220
Section 245	Section 221
Section 248	Section 222
Section 269	Section 223
Section 271	Section 224
Section 249	Section 225
Section 250	Section 226
Section 251	Section 227
Section 247	Section 228
Section 270	Section 229
Section 243	Section 230
Section 244	Section 231
Section 272	Section 232
Section 273	Section 233
Section 274	Section 234
Section 275	Section 235
Section 276	Section 236
Section 180	Section 237
Section 181	Section 237
Section 182	Section 238
Section 183	Section 248
Section 184	Section 240
Section 185	Section 241
Section 177	Section 242
Section 178	Section 243
Section 277	Section 244
Section 278	Section 245
Section 281	Section 246
Section 282	Section 247
Section 283	Section 248
Section 284	Section 249
Section 285	Section 250
Section 286	Section 251
Section 287	Section 252
Section 288	Section 253
Section 289	Section 254
Section 290	Section 255
Section 291	Section 256
Section 292	Section 257
Section 293	Section 258
Section 294	Section 259
Section 295	Section 260
Section 296	Section 261
Section 297	Section 262
Section 298	Section 263
Section 299	Section 264
Section 300	Section 265
Section 301	Section 266
Section 302	Section 267
Section 303	Section 268
Section 304	Section 269
Section 305	Section 270
Section 306	Section 271
Section 307	Section 272
Section 308	Section 273
Section 309	Section 274
Section 310	Section 275
Section 311	Section 276
Section 312	Section 277
Section 313	Section 278
Section 314	Section 279
Section 315	Section 280
Section 316	Section 281
Section 317	Section 282
Section 318	Section 283
Section 319	Section 284
Section 320	Section 285
Section 321	Section 286
Section 322	Section 287

Sec. 24. The provisions of the National Internal Revenue Code as renumbered under this Executive Order are hereby rearranged according to the following Titles:

Title
Title I Organization and Function of Bureau
Chapter	Part Section
	Constrained
	Sections 1 to 9
Title II Tax on Income
Chapter 1	Section 20
Chapter 2	Sections 21 to 23
Chapter 3	Sections 24 to 26
Chapter 4	Sections 27 to 36
Chapter 5	Sections 37 to 43
Chapter 6	Sections 44 to 52
Chapter 7	Sections 53 to 59
Chapter 8	Sections 60 to 66
Chapter 9	Sections 67 to 70
Chapter 10	Sections 71 to 76
Title III Tax on Transfer of Property
Chapter 1	Sections 77 to 90
Chapter 2	Sections 91 to 98
Title IV Value-Added Tax
Chapter 1	Sections 99 to 106
Chapter 2	Sections 107 to 111
Title V Other Percentage Taxes
	Sections 112 to 125
Title VI Excise Taxes on Certain Goods
Chapter 1	Sections 126 to 129
Chapter 2	Sections 130 to 137
Chapter 3	Sections 138 to 140
Chapter 4	Sections 141 to 144
Chapter 5	Section 145
Chapter 6	Sections 146 to 150
Chapter 7	Section 151
Chapter 8	Sections 152 to 172
Title VII Documentary Stamp Tax
	Section 173-201
Title VIII Remedies
Chapter 1	Sections 202 to 204
Chapter 2	Sections 205 to 228
Chapter 3	Sections 229 to 231
Title IX Compliance Requirements
Chapter 1	Sections 232 to 236
Chapter 2	Sections 237 to 244
Chapter 3	Sections 245 to 246
Title X Statutory Offenses and Penalties
Chapter 1	Sections 247 to 251
Chapter 2	Sections 252 to 267
Chapter 3	Sections 268 to 272
Chapter 4	Sections 273 to 281
Title XI Allotment of Internal Revenue
Chapter 1	Sections 282 to 284
Chapter 2	Sections 285 to 286
Title XII Repealing Provisions
Chapter 1	Section 287

Sec. 25. Transitory provisions. (a) All VAT-registered persons shall be allowed transitional input taxes which can be credited against output tax in the same manner as provided in Sections 104 of the National Internal Revenue Code as follows:

1) The balance of the deferred sales tax credit account as of December 31, 1987 which are accounted for in accordance with regulations prescribed therefor;

2) A presumptive input tax equivalent to 8% of the value of the inventory as of December 31, 1987 of materials and supplies which are not for sale, the tax on which was not taken up or claimed as deferred sales tax credit; and

3) A presumptive input tax equivalent to 8% of the value of the inventory as of December 31, 1987 as goods for sale, the tax on which was not taken up or claimed as deferred sales tax credit.

Tax credit prescribed in paragraphs (2) and (3) above shall be allowed only to a VAT-registered person who files an inventory of the goods referred to in said paragraphs as provided in regulations.

(b) Any unused tax credit certificate issued prior to January 1, 1988 for excess tax credits which are applicable against advance sales tax shall be surrendered to, and replaced by the Commissioner with new tax credit certificates which can be used in payment for value-added tax liabilities.

(c) Any person already engaged in business whose gross sales or receipts for a 12-month period from September 1, 1986 to August 1, 1987, exceed the amount of P200,000, or any person who has been in business for less than 12 months as of August 1, 1987 but expects his gross sales or receipts to exceed P200,000 on or before December 31, 1987, shall apply for registration on or before October 29, 1987.

Sec. 26. The funds needed to carry out the provisions of this Executive Order shall be drawn from the appropriations authorized for the Bureau of Internal Revenue for CY 1987. Any deficiency shall be covered by the contingency fund provided by the current General Appropriations Act. For CY 1988 and thereafter, such sums shall be included in the annual General Appropriations Act.

Sec. 27. The Secretary of Finance, upon recommendation of the Commissioner of Internal Revenue, shall promulgate the rules and regulations to effectively implement this Executive Order.

Sec. 28. The Commissioner of Internal Revenue shall codify and consolidate all internal revenue laws embodied in the present National Internal Revenue Code, as amended by various Executive Orders, and other issuances, and cause the publication thereof.

Sec. 29. The provisions of any law, whether general or special, rules and regulations and other issuances or parts thereof which are inconsistent with this Order are hereby repealed, amended or modified accordingly.

Sec. 30. This Order shall take effect on January 1, 1988: Provided, That the provisions of Section 25 (c) hereof shall take effect immediately upon approval of this Order.

DONE in the City of Manila, this 25th day of July, in the year of Our Lord, nineteen hundred and eighty-seven.