PHILIPPINE LAWS, STATUTES, CODES & ISSUANCES
PHILIPPINE LAWS, STATUTES AND CODES - CHAN ROBLES VIRTUAL LAW LIBRARY
REPUBLIC ACTS
REPUBLIC ACT NO. 1148 - AN
ACT TO AMEND Section TWENTY-FOUR OF COMMONWEALTH ACT NUMBERED FOUR
HUNDRED AND SIXTY-SIX, OTHERWISE KNOWN AS THE NATIONAL INTERNAL REVENUE
CODE, AS AMENDED |
Section 1.
Section twenty-four of Commonwealth Act Numbered Four hundred and
sixty-six, as amended, is hereby further amended to read as follows: "Sec. 24.
Rate of tax on corporations. � There shall be levied, assessed,
collected, and paid annually upon the total net income received in the
preceding taxable year from all sources by every corporation organized
in, or existing under the laws of the Philippines, no matter how
created or organized, but not including duly registered general
co-partnerships (compaas colectivas) a tax upon such income
equal to the sum of the following:
"Twenty per centum upon the amount by which such total income does not exceed one hundred thousand pesos; and "Twenty-eight per centum upon the
amount by which such total net income exceeds one hundred thousand
pesos; and a like tax shall be levied, assessed, collected, and paid
annually upon the total from all sources within the Philippines by
every corporation organized, authorized, or existing under the laws of
any foreign country; Provided, however, That building and Loan
Associations operating as such in accordance with sections one hundred
and seventy-one to one hundred and ninety of the Corporation Law, as
amended, as well as private educational institutions, shall pay a tax
of twelve per centum and ten per centum, respectively, on their total
net income: And provided, further, That in the case of dividends
received by a domestic or resident foreign corporation from a domestic
corporation liable to tax under this Chapter or from a domestic
corporation engaged in new and necessary industry, as defined under
Republic Act Numbered Nine hundred and one, only twenty-five per centum
thereof shall be returnable for purposes of the tax imposed by this
section."
Sec. 2. The provisions of this Act shall apply to income received from January first, nineteen hundred and fifty- four.cralaw
Sec. 3. This Act shall take effect upon its
approval.cralaw Approved: June 17, 1954 |
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