P.D. No. 804 : PHILIPPINE LAWS, STATUTES and CODES : CHAN ROBLES VIRTUAL LAW LIBRARY
M a n i l a
PRESIDENTIAL DECREE No. 804 September 30, 1975
PRESCRIBING THE MANNER OF COLLECTING THE INCOME TAX DUE ON THE NET PURSE PAYABLE TO MUHAMMAD ALI/HERBERT MUHAMMAD AND JOE FRAZIER/SMOKIN' JOE, INC. AND THE DISPOSITION OF THE PROCEEDS THEREOF
WHEREAS, the world heavyweight championship fight between Muhammad Ali and Joe Frazier will be held in the Philippines on October 1, 1975 (September 30, 1975 New York Time) pursuant to an agreement made on 23 June 1975 by and between the Games and Amusement Board, an agency of the Republic of the Philippines, (hereinafter called "G A B") and Don King Productions, Inc., an Ohio Corporation, with its principal place of business at 30 Rockefeller Plaza, New York City and Robert Arum, Esq., 450 Park Avenue, New York City;
WHEREAS, GAB, pursuant to the said agreement, agreed that the Philippine income taxes to be imposed on the purses of Muhammad Ali/Herbert Muhammad and Joe Frazier/Smokin' Joe, Inc. shall be limited to the next purse of Muhammad Ali/Herbert Muhammad of $3,000,000 and to Joe Frazier/Smokin' Joe, Inc., of $1,000,000, and the maximum tax imposed thereon shall be at the rate of 30%;
WHEREAS, the said tax is presently collectible by the Bureau of Internal Revenue, pursuant to Sec. 53, in relation to Sec. 54 (a) of the National Internal Revenue Code;
WHEREAS, it is the intention of the Government to utilize the income from the said fight and the income tax thereon for the development of the sports program of the Government after the liquidation of all obligations incurred in connection with the "ALI-FRAZIER FIGHT";
NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines, hereby decree that:
Section 1. The provisions of the National Internal Revenue Code and other existing laws to the contrary notwithstanding, the income tax due on the net purse payable to Muhammad Ali/Herbert Muhammad and Joe Frazier/Smokin' Joe, Inc. shall be held by the Philippine National Bank and applied to the obligations of the Games and Amusement Board incurred with the said Bank in connection with the "ALI-FRAZIER FIGHT";
Sec. 2. All other taxes, levies and assessments collected in connection with the "ALI-FRAZIER FIGHT" shall be turned over by the Bureau of Internal Revenue to GAB to effectuate the purpose of this Decree.
DONE in the City of Manila, this 30th day of September, in the year of Our Lord, nineteen hundred and seventy-five.