AMENDING CERTAIN SECTIONS OF THE NATIONAL INTERNAL REVENUE CODE WHEREAS, prior to the promulgation of Proclamation No. 1081 dated September 21, 1972, there were pending in Congress certain priority measures vital to the national development programs of the Government, one of which was the Omnibus Tax Bill for 1972; WHEREAS, the Omnibus Tax Bill for 1972 is designed to institute basic reforms in our antiquated tax system by simplifying tax incentive policies, increasing the financial resources of the government, making it a more effective tool for redistribution of income and wealth and keeping it in step with modernization; lawphi1.net WHEREAS, there are provisions of the National Internal Revenue Code which need to be revised but were not included in the said bill; WHEREAS, it is imperative to adopt these proposed measures to make the tax system more responsive to the requirements of a developing economy, foremost of which is the speedy restructuring of the social, economic
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