Flexibility Clause in Specific and Percentage Taxes

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PRESIDENTIAL DECREE NO. 1393: Flexibility Clause in Specific and Percentage Taxes

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Title Source: Supreme Court: Flexibility Clause in Specific and Percentage Taxes

Law: Presidential Decree No. 1393

Decision Date: May 31, 1978

Presidential Decree No. 1393 amends the National Internal Revenue Code of 1977 by adding a flexibility clause that allows the President to revise tax rates under certain conditions, with limitations on the extent of increase or decrease and a requirement for a public hearing.

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