M a n i l a
PRESIDENTIAL DECREE No. 10
REDUCING THE PERCENTAGE TAX ON STOCK TRANSLATIONS
WHEREAS, the imposition of the two per cent tax on stock transactions as prescribed in Republic Act No. 6141 has adversely affected transactions in stocks, and consequently slowed down operations of various industries;
WHEREAS, fiscal and economic experts of the Government are agreed that the tax be reduced to a more reasonable rate;
NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines, by virtue of the powers vested in me by the Constitution as Commander-in-Chief of all the Armed Forces of the Philippines, and pursuant to Proclamation No. 1081, dated September 21, 1972, do hereby decree and order:
(1) That the percentage tax on stock transactions is hereby reduced from two per centum to one forth of one per centum.
Done in the City of Manila, this 2nd day of October, in the year of Our Lord, nineteen hundred and seventy-two.