Amendment to National Internal Revenue Code on Amusement Tax for Boxing Exhibitions
- Section 228, paragraph (3) of the National Internal Revenue Code, as amended, is revised regarding the taxation of boxing exhibitions.
- Generally, a 10% amusement tax applies to boxing exhibitions.
- An important exemption is provided: boxing exhibitions where a World or Oriental Championship title is contested are exempt from the amusement tax.
- Conditions for this exemption include:
- At least one contender in the championship bout must be a Filipino citizen.
- The event must be promoted either by Filipino citizens or by a corporation/association with at least 60% capital owned by Filipino citizens.
Repeal and Modification Clause
- Any existing laws, decrees, instructions, orders, rules, and regulations that conflict with or contradict the provisions of this Executive Order are repealed or modified to conform with it.
Effectivity of the Executive Order
- This Executive Order becomes effective upon the issuance and promulgation of its implementing rules and regulations by the Secretary of Finance.
- This ensures necessary administrative guidelines are established before enforcement.
Legal Authority and Enforcement
- The Executive Order is promulgated by the President under the legal powers vested by law.
- The authority involves direct amendment of the National Internal Revenue Code concerning amusement tax provisions specific to professional boxing.