Presidential Decree No. 468

REPEALING PARAGRAPH (e) OF SECTION 184 OF THE NATIONAL INTERNATIONAL REVENUE CODE, AS AMENDED

WHEREAS, it is the policy of the State to encourage the development of sports not only to promote the physical fitness program of the Government but also to promote international understanding and camaraderie thru sports.

WHEREAS, the Philippines has been lately the site of various international competitions in sports, such as softball, basketball, chess, golf, etc;

WHEREAS, it is noted that while all sporting goods are subject to the 7% sales tax, polo mallets and balls, golf bags, clubs and balls, chess and checker boards and pieces, remain subject to the prohibitive rate of 70% sales tax;

WHEREAS, in order to give meaning to the sports development program of the Government, it is necessary to amend certain portions of the National Internal Revenue Code:

NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines, by virtue of the powers in me vested by the Constitution do hereby decree and order that paragraph (e) of Section 184 of the National Internal Revenue Code, as further amended by the Presidential Decree No. 69, be, as it is hereby, repealed.

All laws, decrees, rules and regulations contrary to or inconsistent herewith are hereby modified or repealed accordingly.

This Decree shall take effect immediately.

Done in the City of Manila, this 23rd day of May, in the year of Our Lord, nineteen hundred and seventy-four.