12:00 PM
On board the 777 on a
party for Evelin Rothschild
after which we sleep on board to
wake up in Lumbones
and then to Talaga
Official Gazette for April 21, 1973: THE PRESIDENT has formulated plans to revitalize the country’s tobacco and coconut industries in a move to boost their dollar earning capabilities. In two separate moves, the Chief Executive directed the Philippine Tobacco Administration to immediately draw up its program for the purchase of native leaf tobacco starting next month and created a three-man ad hoc committee to pave the groundwork for the consolidation of the country’s coconut agencies into one body. The President’s directive to the PTA is aimed at stabilizing the prices of native tobacco leaf to protect farmers from the fluctuations in domestic prices of the commodity. The ad hoc committee on the other hand was directed to study the mechanics of stabilizing a consolidated Philippine coconut administration which is calculated to revitalize the country’s top foreign earner. It has been noted that proliferation of coconut agencies with overlapping functions has done more harm than good to the industry.
THE GOVERNMENT has now collected a total of P750,059,700 from five tax amnesties, according to the Department of Finance. The figure is contained in the latest report on revenue collections submitted to Secretary of Finance Cesar E. A. Virata by the Bureau of Internal Revenue and the Bureau of Customs. Topping the collections were tax amnesty on previously untaxed income or wealth which amounted to P538,316,327. This amount was paid by 137,579 individuals and corporations who took advantage of the amnesty. Collection from another tax amnesty (Presidential Decree No. 157 which provides amnesty of income for the taxable year 1972) have now reached P172,102,426. The Bureau of Customs on the other hand, collected P19,429,295 from previously untaxed or improperly taxed motor vehicles. The Government also collected P6,852,290 from previously untaxed or improperly taxed goods in commercial quantities. The tax amnesty on contested assessments netted the Government P13,359,360.
BUREAU OF INTERNAL Revenue issued several clarifications in the interpretation of the new Internal Revenue Code. These are: 1) A person who is both a certified public accountant (CPA) and lawyer is subject to two fixed taxes if he is engaged in the practice of both profession. 2) A public utility operating under a legislative franchise is not subject to income tax under Presidential Decree No. 69. 3) Quarterly returns are actually intended to reflect correct figures although a percentage leeway for errors is provided for. Inventories must be actual, not estimated. 4) The two per cent common carrier’s tax is based on gross receipts. The taxable gross receipts cannot include the two per cent tax itself or any other tax paid by the carrier. All common carriers are subject to Income tax. 5) Claims for representation expenses must be justified and only taxpayers whose work requires representation can claim for such expenses. However, representation expenses not exceeding P1,000 or 5 per cent of taxpayer’s gross income whichever is lesser need not be justified. 6) The tax on foreign income, of non-resident citizens is based on gross and on business, the basis is on net computed in accordance with the provisions of Title II. 7) The conversion rate of the foreign income of non-resident citizens for 1972 is P6.70. 8) The interest income of foreign companies from money market placements of temporarily idle funds is subject to percentage tax.
THE PRESIDENT appointed nine officials for three examining boards and one director for the Export Processing Zone Authority. The three examiners boards were the board of examiners for social welfare, the Philippine Licensing Board for contractors, and the Board of Examiners for Geology. The new appointees were: 1) For the board of examiners for social welfare: Guillerma L. Batto, chairman; Mrs. Editha G. Mar-tillano, Miss Teresita L. Silva, and Sister Amelina Villegas, members. 2) For the Philippine Licensing Board for Contractors: Eduardo Escobar, senior member, promoted to chairman of the board; Quintin K. Calderon and Vicente Esguerra Jr., members. 3) For the Board of Examiners for Geology: Oscar A. Crispin and Generoso R. Oca, members. 4) For the Board of Commissioners of the Export Processing Zone Authority: Rolando P. de la Cuesta, member.
Woke up at 6:30 AM to leave for San Fernando by car arriving there at 8:45. Imelda, Bongbong, Evelin Rothschild and the rest came to San Fernando by plane. Evelin Rothschild stayed to water ski with Neling [Manuel Nieto Jr.], Ricky [Cu-Unjieng], Bongbong and me.
Left the water at 10:30 AM. Took off at 11:25 AM. Landed at 12:10 AM [sic].
Evelin is in addition to heading the Rothschild Bank in London is Chairman of the board of “The Economist” which has an Economist Intelligence Unit. I have asked it to send a team of two men to see where the English can be of help of hand [sic] on New Town Planning.
He is also interested in the Manila Hotel and the spreading out of our dollar reserves and gold stock—away from the U.S. Banks.