AN ACT INCORPORATING CERTAIN SECTIONS OF THE NATIONAL INTERNAL REVENUE CODE OF 1977, AS AMENDED, TO PRESIDENTIAL DECREE NO. 705, AS AMENDED, OTHERWISE KNOWN AS THE "REVISED FORESTRY CODE OF THE PHILIPPINES", AND PROVIDING AMENDMENTS THERETO BY INCREASING THE FOREST CHARGES ON TIMBER AND OTHER FOREST PRODUCTS.

Eighth Congress

Republic Act No. 7161             October 10, 1991

AN ACT INCORPORATING CERTAIN SECTIONS OF THE NATIONAL INTERNAL REVENUE CODE OF 1977, AS AMENDED, TO PRESIDENTIAL DECREE NO. 705, AS AMENDED, OTHERWISE KNOWN AS THE "REVISED FORESTRY CODE OF THE PHILIPPINES", AND PROVIDING AMENDMENTS THERETO BY INCREASING THE FOREST CHARGES ON TIMBER AND OTHER FOREST PRODUCTS.

Be it enacted by the Senate and House of Representatives of the Philippines in Congress assembled:

Section 1. Pursuant to Executive Order No. 273, Sections 230 to 297 of the National Internal Revenue Code of 1977, as amended, are hereby incorporated into Presidential Decree No. 705, as amended, otherwise known as the "Revised Forestry Code of the Philippines" and numbered as follows:

All references to the Bureau of Internal Revenue, Commissioner of Internal Revenue, and Ministry of Finance in Section 230 to 238 of the National Internal Revenue Code of 1977 shall hereafter refer to the Forest Management Bureau, and Secretary of Environment and Natural Resources, respectively.

Section 2. The incorporated and numbered Sections 68 to 76 of Presidential Decree No. 705, as amended, are hereby placed under a new subtitle of Chapter III (Utilization and Management) which shall be Subtitle II.

Section 3. Section 70 of Presidential Decree No. 705, as amended, (formerly Section 232 of the National Revenue Code) is hereby amended to read as follows:

Section 4. Section 71 of Presidential Decree No. 705, as amended, (formerly Section 233 of the National Internal Revenue Code) is hereby amended to read as follows:

Section 5. Section 73 of Presidential Decree No. 705, as amended, (formerly Section 235 of the National Internal Revenue Code) is hereby repealed.

Section 6. There shall be added a new section after Section 72 of Presidential Decree No. 705, to be known as Section 73, as to read as follows:

Section 7. Section 77 of Presidential Decree No. 705, as amended, as numbered herein, is hereby repealed.

Section 8. This Act shall take effect fifteen (15) days after its publication in a newspaper of general circulation.

Approved: 10 October 1991.