MALACANANG PALACE : Manila PRESIDENTIAL DECREE NO, 776 REPEALING ALL LAWS, ACTS, DECKEES, ORDERS AND ORDINANCES GRANTING EXEMPTIONS FROM TAXES, DUTIES, FEES, IMPOSTS AND JQTHER CHARGES UNDER CERTAIN EXCEPTIONS AND CREATING A PISCAL INCENTIVES BoAwD. + WHEREAS, a study of the present: tax structure and development reveals a considerable erosion of available WHEREAS, the revenue demands have grown faster than the over-all economy and the cost, Sn tense ee taxes sacrified may well yeild and provine tee ron Sources necessary to necelerate economies ereahee yould assure the maximum participation ofocrh este; in the attainment and enjoyment cf the bonseate Seeveos; NOW) THEREFORE, I, FERDINAND E, MARCOS, President Leen oor wesneaiy byavintus ofatnecpowers Ta ddovestea by the Constitution, do hereby order and decree? SECTION 1. Any ‘and all’ tax exemption’ benefits Privileges validly acquired, exercised and granted to individuals, associations, corporations and entities, Bee S ty carne cecuees Nordeng Gricrdinsncssegiyiaeeite eneretey shall cease and be of no further force end atvect Except those embraced and expressly provided hereunder, to wit: ar 3. Constitutional provisions 2. International comity or treaty 3, National Internal Revenue Code as of its amendment by PD 69 4. Tariff and Customs Code as of it» amend- ment by PD 34 5+ Local Tax Code as of-its amendment by PD 426 6. Statutory prescriptions bearing on ~ Export Processing Zone Authority b, BOL registered industries c, Multi-national corporations a. Service contracts on o1l explorations SECTION 2. A Fiscal Incentives Review Board is hereby created for the purpose of determining what fax oxenptions should be withdrawn, revoked om cust Pended,. which shall be composed of the following officials:Chairman ~ Secretary of Finance Members - Secretary of Industry o onaerd; ix consultation Wh the President of the Philippin for- reasons -of compatibility with the declared economi tay withdraw, y of nay of the epee ted sta tutorystextevenreyos grants, except Shose granted by the Constitutron: To attain its grdsetiver, thesndurdtmayhes quar orens assistance of Board popttate government agency on entity. The Board shall meet once a month, or oftener at the call of the Secretary of Finance, eaeaot Ser ALU Unive se neta decrees, orders, epi ordinances inconsistent with any of the provisions of this Decree are repealed or modified accordingly. { GON ken Th aD acreas'slia74 take effect immediately, BONE in the City or Manila, this 2 day of August, in the year of Our Lord, ninetsen hundred and seventy-five. FERDINAND E. MARCOS a President of.the Philippines By the President; ALEJANDRO MELCHOR Executive Secretary /Alg