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Facts:
Issues:
Held:
One common theme was recurring for all statutes: that NAPOCOR must be
able to pay its indebtedness. That NAPOCOR must be and has to be exempt
from all taxes if this goal was to be achieved.
He did not do the same for tax exemption provision for foreign loans
precisely because there was no other subject matter to lump it with. Thus, its
crystal clear that tax exemption for direct and indirect taxes was indeed
sought in favour of NAPOCOR.
Pres. Marcoss power to enact laws was also questioned in this case but the
SC ruled that his measure was just timely considering that it was considered
as a grave emergency at that time---considering there was a moratorium on
foreign debt payments due to the economic crisis brought about by the loss
of confidence on the PH market due to the Aquino Assasination.
5. The oil companies. The tax exemption is broad enough to include all taxes
which NAPOCOR may be required to pay such as the specific tax on
petroleum products.
However this issue is already moot and academic because of EO 195 of 1987
which reduced the ad valorem tax rate on bunker fuel to 0%.>>> badtrip
diba? Haha.