Sec. 1
The rate of 8
Sec. 1. The rate of 8.5% shall be imposed on rentals, charter and other fees derived by non-resident lessors of aircraft.
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Executive Order No. 437 (1990)
Executive Order No. 437 (1990)
WHEREAS, the President is authorized under subparagraph 4 Section 25 (b) of the National Internal Revenue Code, as amended, to prescribe the tax on rentals, charter and other fees earned by non-resident lessors of aircraft, machineries and other equipment upon recommendation of the Secretary of Finance;
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Sec. 2
The rate of 7
Sec. 2. The rate of 7.5% shall remain imposed on rentals, charter and other fees derived by non-resident lessors of machineries and other equipment.
Sec. 3
Sec. 3. This Executive Order shall take effect two (2) days following the completion of its publication in a national newspapers of general circulation.
DONE in the City of Manila, this 23rd day of November, in the year of Our Lord, nineteen hundred and ninety.