EXTENDING THE PERIOD FOR FILING OF THE TAX RETURNS REQUIRED BY SECTION 4 OF COMMONWEALTH ACT NO. 567 AND AUTHORIZING THE SUGAR REHABILITATION AND READJUSTMENT COMMISSION TO EXAMINE THE DULY CERTIFIED BALANCE SHEETS AND OPERATING STATEMENTS OF THE SUGAR CENTRALS AFFECTED AND MAKE APPROPRIATE RECOMMENDATIONS THEREON.
WHEREAS, after the approval of Commonwealth Act No. 567, the waiver of the additional progressive tax on sugar as provided therein has been granted periodically because of the destruction of the sugar mills as a result of the war and the attendant difficulties of reconstruction and rehabilitation thereof;
WHEREAS, in order to intelligently determine whether the time has come to collect said tax it is necessary that a thorough examination of the financial status and results of operation of the sugar mills be made; and
WHEREAS, the time limit for filing the tax returns as provided in section 4 of said Commonwealth Act No. 567 expired after July 1, 1949;
NOW, THEREFORE, I, ELPIDIO QUIRINO, President of the Philippines, by virtue of the powers vested in me by the Constitution and laws of the Philippines, and upon the recommendation of the Sugar Rehabilitation and Readjustment Commission, do hereby order:
1. The period for filing of the tax returns under section 4 of Commonwealth Act No. 567 is extended up to August 31, 1949.
2. The operators of the sugar mills affected by the imposition of the additional progressive tax on sugar required by the aforementioned Act and who have petitioned for a waiver of said tax shall submit immediately their balance sheets and operating statements duly certified by certified public accountants to the Sugar Rehabilitation and Readjustment Commission in Manila.
3. The Sugar Rehabilitation and Readjustment Commission shall examine the financial and operating statements submitted and as soon as practicable present its recommendations to the President as a basis for appropriate action.
Done in the City of Manila, this 1st day of August, in the year of Our Lord, nineteen hundred and forty-nine, and of the Independence of the Philippines, the fourth.
(SGD.) ELPIDIO QUIRINO
President of the Philippines
By the President:
(SGD.) TEODORO EVANGELISTA
Executive Secretary
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