Law Summary

Purpose and Background

• Legal Provision: This Presidential Decree extends the deadline for the payment of the first quarter installment of real property taxes.
• Context: The decree was issued to provide local treasurers and assessors with sufficient time to inform taxpayers of new rules and regulations concerning the assessment and collection of real property taxes as mandated by Presidential Decree No. 76, as amended.

Tax Installment Schedule

• Installment Breakdown:
  • The basic real property tax and the additional 1% realty tax are payable in four equal installments:
    • First installment: March 31
    • Second installment: June 30
    • Third installment: September 30
    • Last installment: December 31
• Key Definitions:
  • Basic Real Property Tax: The tax levied under Commonwealth Act No. 470, as amended.
  • Additional 1% Realty Tax: The tax designated for the Special Education Fund under Republic Act No. 5447.

Extension of Deadline

• New Deadline: The deadline for the payment of the first quarter installment of real property taxes is extended from March 31, 1974, to May 31, 1974.
• Rationale for Extension: The extension is aimed at ensuring proper dissemination of information regarding tax assessments and collections to taxpayers.

Authority

• Issuing Authority: The decree was signed by Ferdinand E. Marcos, President of the Philippines, utilizing powers vested in him by the Constitution.
• Executive Support: The decree was also endorsed by Alejandro Melchor, Executive Secretary.

Key Takeaways

• Extended Deadline: Taxpayers now have until May 31, 1974, to pay their first quarter real property tax installment.
• Installment Structure: Tax payments are structured in four equal installments throughout the year.
• Legislative References: The decree references Republic Act No. 5447 and Commonwealth Act No. 470, indicating the legal framework for the taxes being addressed.
• Implementation Objective: The extension aims to enhance taxpayer awareness and compliance with the necessary regulations.

This summary captures the essential elements of Presidential Decree No. 426-A, detailing the extended deadline for tax payments and the rationale behind it, while adhering closely to the original text.