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Philippine Tax Update - Chan Robles Virtual Law Library

THE
NATIONAL INTERNAL REVENUE CODE
OF THE PHILIPPINES
[Tax Reform Act of 1997]
Republic Act No. 8424
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the Content-Description of the Code
NIRC
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   chanroblesvirtualawlibrary

TITLE I
ORGANIZATION AND FUNCTION OF THE
BUREAU OF INTERNAL REVENUE
      SECTION 1. Title of the Code
      SEC. 2.        Powers and duties of the Bureau of Internal Revenue
      SEC. 3.        Chief officials of the Bureau of Internal Revenue
      SEC. 4.        Power of the Commissioner to interpret tax laws and to decide tax cases
      SEC. 5.        Power of the Commissioner to obtain information, and to summon, examine,
                and take testimony of persons
      SEC. 6.        Power of the Commissioner to make assessments and prescribe additional
                requirements for tax administration and enforcement
                (A)  Examination of returns and determination of tax due
                (B)  Failure to submit required returns, statements, reports and other
                      documents
                (C)  Authority to conduct inventory-taking, surveillance and to prescribe
                       presumptive gross and receipts
                (D)  Authority to terminate taxable period
                (E)  Authority of the Commissioner to prescribe real property values
                (F)  Authority of the Commissioner to inquire into bank deposit account
                (G)  Authority to accredit and register tax agent
                (H)  Authority of the Commissioner to prescribe additional procedural or
                      documentary requirements
      SEC. 7.        Authority of the Commissioner to delegate powers
      SEC. 8.        Duty of the Commissioner to ensure the provision and distribution of forms,
                receipts certificates, and appliances, and the acknowledgment of payment of
                taxes
                (A)  Provision and distribution to proper official
                (B)  Receipts for payment made
      SEC. 9.        Internal revenue districts
      SEC. 10.      Revenue Regional Director
      SEC. 11.      Duties of Revenue District Officers and other internal revenue officers
      SEC. 12.      Agents and deputies for collection of national internal revenue taxes
      SEC. 13.      Authority of Revenue Officer
      SEC. 14.      Authority of officers to administer oaths and take testimony
      SEC. 15.      Authority of internal revenue officers to make arrests and seizures
      SEC. 16.      Assignment of internal revenue officers involved in excise tax functions to
               establishments where article subject to excise tax are produced or kept
      SEC. 17.      Assignment of internal revenue officers and other employees to other duties
      SEC. 18.      Reports of violation of laws
      SEC. 19.      Contents of Commissioner's Annual Report
      SEC. 20.     Submission of report and pertinent information by the Commissioner
              (A)  Submission of pertinent information to Congress
              (B)  Report of Oversight Committee
      SEC. 21.     Sources of revenue
       
      TITLE II
      TAX ON INCOME
      Chapter I
      Definitions

      SEC. 22.      Definitions
       

      Chapter II
      General Principles

      SEC. 23.      General principles of income taxation in the Philippines

        Chapter III
        Tax on Individuals
      SEC. 24.      Income tax rates
               (A)  Rate of income tax on individual citizen and individual resident alien of the
                     Philippines
               (B)  Rates of tax on certain passive incomes
               (C)  Capital gains from sales of shares of stock not traded in the stock
             exchange
               (D)  Capital gains from sales of real property
      SEC. 25.      Tax on nonresident alien individual
               (A)  Nonresident alien engaged in trade  or business within the Philippines
               (B)  Nonresident alien individual not engaged in trade or business within the
                     Philippines
               (C)  Alien individual employed by regional  or area headquarters and regional
                     operating  headquarters of multinational company
               (D)  Alien individual employed by offshore banking units
               (E)  Alien individual employed  by petroleum service contractor and
                     subcontractor
      SEC. 26.      Tax liability of members of general  professional partnerships
      Chapter IV
      Tax on Corporations

      SEC. 27.      Rates of income tax on domestic corporations
               (A)  In general
               (B)  Proprietary educational institutions and hospitals
               (C)  Government-owned or controlled corporations, agencies or instrumentalities
               (D)  Rates of tax on certain passive incomes
                  (1)  Interest from deposits yield or any other monetary benefit  from
                        deposit substitutes and from trust  funds and similar
                        arrangements, and royalties
                  (2)  Capital gains  from the sale of shares of stock not traded in the
                        stock exchange
                  (3)  Tax on income derived under the expanded foreign currency
                        deposit system
                  (4)  Incorporate dividends
                  (5)  Capital gains from the sale, exchange or disposition of lands and/or
                        buildings
               (E)  Minimum corporate income tax on domestic corporations
                  (1)  Imposition of tax
                  (2)  Carry forward of excess minimum tax
                  (3)  Relief from the minimum corporate income tax under certain
                        conditions
                  (4)  Gross income defined
      SEC. 28.      Rates of income tax on foreign corporations
               (A)  Tax on resident foreign corporations
                  (1)  In general
                  (2)  Minimum corporate income tax on resident foreign corporations
                  (3)  International carrier
                  (4)  Offshore banking units
                  (5)  Tax on branch profit remittances
                  (6)  Regional  or area headquarters and regional operating
                        headquarters of multinational companies
                  (7)  Tax on certain incomes received by a resident foreign corporation
               (B)  Tax on nonresident foreign corporations
                  (1)  In general
                  (2)  Nonresident cinematographic film owner, lessor or distributor
                  (3)  Nonresident owner or lessor of vessels chartered by Philippine
                        nationals
                  (4)  Nonresident lessor of aircraft, machineries and other equipment
                  (5)  Tax certain incomes received by a nonresident foreign corporation
      SEC. 29.      Imposition of improperly accumulated earnings tax
               (A)  In general
               (B)  Tax on corporations subject to improperly accumulated earnings
                  (1)  In general
                  (2)  Exceptions
               (C)  Evidence for purpose to avoid income tax
                  (1)  Prima facie evidence
                  (2)  Evidence determinative  of purpose
               (D)  Improperly accumulated taxable income
               (E)  Reasonable  needs of the business
      SEC. 30.      Exemptions from tax on corporations
       

      Chapter V
      Computation of Taxable Income
       
      SEC. 31.     Taxable income defined
       
      Chapter VI
      Computation of Gross Income

      SEC. 32.     Gross income
              (A)  General definition
              (B)  Exclusions from gross income
                        (1)  Life Insurance
                        (2)  Amount received by insured as return of premium
                        (3)  Gifts, bequests, and devises
                        (4)  Compensation for injuries or sickness
                        (5)  Income exempt under treaty
                        (6)  Retirement benefits, pensions, gratuities, etc.
                        (7)  Miscellaneous items
      SEC. 33.     Special treatment of fringe benefit
              (A)  Imposition of tax
              (B)  Fringe benefit defined
              (C)  Fringe benefits not taxable
       

      Chapter VII
      Allowable Deductions
       
      SEC. 34.     Deductions from gross income
              (A)  Expenses
               (1)  Ordinary and necessary trade, business or professional expenses
               (2)  Expenses allowable to private educational institutions
              (B)  Interest
               (1)  In general
               (2)  Exceptions
               (3)  Optional treatment of interest expense
              (C)  Taxes
               (1)  In general
               (2)  Limitations on deductions
               (3)  Credit against tax for taxes of foreign countries
               (4)  Limitations on credit
               (5)  Adjustments on payment of incurred taxes
               (6)  Year in which credit taken
               (7)  Proof of credits
              (D)  Losses
               (1)  In general
               (2)  Proof of loss
               (3)  Net operating loss carry-over
               (4)  Capital losses
               (5)  Losses on wash sales of stock or securities
               (6)  Wagering losses
               (7)  Abandonment losses
              (E)  Bad debts
               (1)  In general
               (2)  Securities becoming worthless
              (F)  Depreciation
               (1)  General rule
               (2)  Use of certain methods and rates
               (3)  Agreement as to useful life in which depreciation rate is based
               (4)  Depreciation of properties used in petroleum operations
               (5)  Depreciation of properties used in mining operations
               (6)  Depreciation deductible by nonresident aliens engaged in trade or
                     business or resident foreign corporations
              (G)  Depletion of oil and gas wells and mines
               (1)  In general
               (2)  Election to deduct exploration and development expenditures
               (3)  Depletion of oil and gas wells and mines deductible by a nonresident
                     alien individual or foreign corporation
              (H)  Charitable and other contributions
               (1)  In general
               (2)  Contributions deductible in full
               (3)  Valuation
               (4)  Proof of deductions
              (I)  Research and development
               (1)  In general
               (2)  Amortization of certain research and development expenditures
               (3)  Limitations on deduction
              (J)  Pension trusts
              (K)  Additional requirements for deductibility of certain payments
              (L)  Optional standard deduction
              (M) Premium payments on health and/or hospitalization insurance of an
                    individual taxpayer
      SEC. 35.     Allowance of personal exemption for individual taxpayer
              (A)  In general
              (B)  Additional exemption for dependents
              (C)  Change of status
              (D)  Personal exemptions allowable to nonresident alien individual
      SEC. 36.     Items not deductible
              (A)  General rule
              (B)  Losses from sales or exchange of property
      SEC. 37.     Special provisions regarding income in deductions of insurance companies,
              whether domestic or foreign
               (A)  Special deductions allowed to insurance companies
               (B)  Mutual insurance companies
               (C)  Mutual marine insurance companies
               (D)  Assessment insurance companies
      SEC. 38.     Losses from wash sales of stock or securities
      SEC. 39.     Capital gains and losses
               (A)  Definition
               (B)  Percentage taken into account
               (C)  Limitation on capital losses
               (D)  Net capital loss carry-over
               (E)  Retirement of bonds, etc.
               (F)  Gains and losses from short sales, etc.
      SEC. 40.     Determination of amount of and recognition of gain or loss
              (A)  Computation of gain or loss
              (B)  Basis for determining gain or loss from sale or disposition of property
              (C)  Exchange or property
                        (1)  General rule
                        (2)  Exception
                        (3)  Exchange not solely in kind
                        (4)  Assumption of liability
                        (5)  Basis
                        (6)  Definitions
      SEC. 41.     Inventories
      SEC. 42.     Income from sources within the Philippines
              (A)  Gross income from sources within the Philippines
                        (1)  Interests
                        (2)  Dividends
                        (3)  Services
                        (4)  Rentals and royalties
                        (5)  Sale of real property
                        (6)  Sale of personal property
              (B)  Taxable income from sources within the Philippines
                        (1)  General rule
                        (2)  Exception
              (C)  Gross income from sources without the Philippines
              (D)  Taxable income from sources without the Philippines
              (E)  Income from sources partly within and  partly without the Philippines
              (F)  Definitions
       
      Chapter VIII
      Accounting Periods and Methods of Accounting

      SEC. 43.     General rule
      SEC. 44.     Period inn which items of gross income included
      SEC. 45.     Period fro which deductions and credits taken
      SEC. 46.     Change of accounting period
      SEC. 47.     Final or adjustment returns for a period of less than twelve (12) months
               (A)  Returns  for short period resulting from change  of accounting period
               (B)  Income computed on basis of short period
      SEC. 48.     Accounting for long-term contracts
      SEC. 49.     Installment basis
              (A)  Sales of dealers in personal property
              (B)  Sales of realty and casual sales of personality
              (C)  Sales of real property considered as capital asset by individuals
              (D)  Change from accrual to installment basis
      SEC. 50.     Allocation of income and deductions
       

      Chapter IX
      Returns and Payment of Tax

      SEC. 51.     Individual returns
              (A)  Requirements
              (B)  Where to file
              (C)  When to file
              (D)  Husband and wife
              (E)  Return of parent to include income of children
              (F)  Persons under disability
              (G)  Signatures presumed correct
      SEC. 52.     Corporation returns
              (A)  Requirements
              (B)  Taxable year of corporation
              (C)  Return of corporation contemplating dissolution or reorganization
              (D)  Return on capital gains realized from the sale of shares of stock not traded
                    in the local stock exchange
      SEC. 53.     Extension of time to file returns
      SEC. 54.     Returns of receivers, trustees in bankruptcy or assignees
      SEC. 55.     Returns of general professional partnerships
      SEC. 56.     Payment and assessment of income tax for individuals and corporations
              (A)  Payment of tax
                        (1)  In general
                        (2)  Installment payment
                        (3)  Payment of capital gains tax
              (B)  Assessment and payment of deficiency tax
      SEC. 57.     Withholding of tax at source
              (A)  Withholding of final tax on certain incomes
              (B)  Withholding of creditable tax source
      SEC. 58.     Returns and payments of taxes withheld
              (A)  Quarterly returns and payments of taxes withheld
              (B)  Statement of income payments made and taxes withheld
              (C)  Annual information returns
              (D)  Income of recipient
              (E)  Registration with Register of Deeds
      SEC. 59.     Tax on public collectible from owner or other persons

      Chapter X
      Estates and Trusts

      SEC. 60.     Imposition of tax
              (A)  Application of tax
              (B)  Exception
              (C)  Computation and payment
      SEC. 61.     Taxable income
      SEC. 62.     Exemption allowed to estates and trusts
      SEC. 63.     Revocable trusts
      SEC. 64.     Income for benefit of grantor
      SEC. 65.     Fiduciary returns
      SEC. 66.     Fiduciaries indemnified against claims fro taxes paid
       

      Chapter XI
      Other Income Tax Requirements
      SEC. 67.     Collection of foreign payments
      SEC. 68.     Information at source as to income payments
      SEC. 69.     Return of information of brokers
      SEC. 70.     Returns of foreign corporations
              (A)  Requirements
              (B)  From and contents of return
      SEC. 71.     Disposition of income returns; publication of lists of taxpayers and filers
      SEC. 72.     Suit to recover tax based on false or fraudulent returns
      SEC. 73.     Distribution of dividends or assets by corporations
              (A)  Definitions of dividend
              (B)  Stock dividend
              (C)  Dividends distributed are deemed made from most recently accumulated
                    profits
              (D)  Net income of a partnership deemed constructively received by partners
       
      Chapter XII
      Quarterly Corporate Income Tax Annual
      Declaration and Quarterly Payments of Income Taxes

      SEC. 74.     Declaration of income tax for individuals
      SEC. 75.     Declaration of corporate quarterly income tax
      SEC. 76.     Final adjustment return
      SEC. 77.     Place and time of filing and payment of quarterly corporate income tax
              (A)  Place of filing
              (B)  Time of filing the income tax return
              (C)  Time of payment of the income tax
       

      Chapter XIII
      Withholding on Wages

      SEC. 78.     Definitions
      SEC. 79.     Income tax collected at source
              (A)  Requirement of withholding
              (B)  Tax paid by recipient
              (C)  Refunds or credits
              (D)  Personal exemptions
              (E)  Withholding on basis of average wages
              (F)  Husband and wife
              (G)  Nonresident aliens
              (H)  Year-end adjustment
      SEC. 80.     Liability of tax
              (A)  Employer
              (B)  Employee
      SEC. 81.     Filing of return and payment of taxes withheld
      SEC. 82.     Return and payment of taxes withheld
      SEC. 83.  Statements and returns


      TITLE III
      ESTATE AND DONOR'S TAXES
      Chapter I
      Estate Tax

      SEC. 84.     RAtes of estate tax
      SEC. 85.     Gross estate
               (A)  Decedent's interest
               (B)  Transfer in contemplation of death
               (C)  Revocable transfer
               (D)  Property passing under general power of appointment
               (E)  Proceeds of life insurance
               (F)  Prior interests
               (G)  Transfer fro insufficient consideration
               (H)  Capital of the surviving spouse
      SEC. 86.     Computation of net estate
               (A)  Deduction allowed to the estate of a citizen or a resident
                        (1)  Expenses, losses, indebtedness, and taxes
                        (2)  Property previously taxed
                        (3)  Transfer for public use
                        (4)  The family home
                        (5)  Standard deduction
                        (6)  Medical expenses
                        (7)  Amount received by heirs under Republic Act No. 4917
               (B)  Deductions allowed to nonresident estates
                        (1)  Expenses, losses, indebtedness and taxes
                        (2)  Property previously taxed
                        (3)  Transfer for public use
               (C)  Share in the conjugal property
               (D)  Miscellaneous provisions
               (E)  Tax credit for estate taxes paid to a foreign country
                        (1)  In general
                        (2)  Limitations on credit

      SEC. 87.     Exemption of certain acquisitions and transmissions
      SEC. 88.     Determination of the value of the estate
              (A)  Usufruct
              (B)  Properties
      SEC. 89.     Notice of death to be filed
      SEC. 90.     Estate tax returns
              (A)  Requirements
              (B)  Time of filing
              (C)  Extension of time
              (D)  Place of filing
      SEC. 91.     Payment of tax
              (A)  Time of payment
              (B)  Extension of time
              (C)  Liability for payment
      SEC. 92.     Discharge of executor or administrator from personal liability
      SEC. 93.     Definition of deficiency
      SEC. 94.     Payment before delivery by executor of administrator
      SEC. 95.     Duties of certain officers and debtors
      SEC. 96.     Restitution of tax upon satisfaction of outstanding obligations
      SEC. 97.     Payment of tax antecedent to the transfer of shares, bonds or rights
       

      Chapter II
      Donor's Tax
       
      SEC. 98.     Imposition of tax
      SEC. 99.     Rates of tax payable by donor
              (A)  In general
              (B)  Tax payable by donor if donee is a stranger
              (C)  Campaign contributions
      SEC. 100.    Transfer for less than adequate and full consideration
      SEC. 101.    Exemption of certain gifts
               (A)  In the case of gifts made by a resident
               (B)  In the case of gifts made by a nonresident not citizen of the Philippines
               (C)  Tax credit for donor's taxes paid to a foreign country
      SEC. 102.    Valuation of gifts made in property
      SEC. 103.    Filing of return and payment of tax
      SEC. 104.    Definitions

      TITLE IV
      VALUE-ADDED TAX
      Chapter I
      Imposition of Tax
       
      SEC. 105.    Persons liable
      SEC. 106.    Value-added tax on sale of goods or properties
                (A)  Rate and base of tax
                (B)  Transactions deemed sale
                (C)  Changes in or cessation of status of a VAT-registered person
                (D)  Determination of the tax
      SEC. 107.    Value-added tax on importation of goods
                (A)  In general
                (B)  Transfer of goods by tax-exempt persons
      SEC. 108.    Value-added tax on sale of services and use or lease of properties
                (A)  Rate and bas of tax
                (B)  Transactions subject to zero percent (0%) rate
                (C)  Determination of the tax
      SEC. 109.    Exempt transaction
      SEC. 110.    Tax credits
                (A)  Creditable input tax
                (B)  Excess output or input tax
                (C)  Determination of creditable input tax
      SEC. 111.    Transitional/presumptive input tax credit
                (A)  Transitional input tax credit
                (B)  Presumptive input tax credits
      SEC. 112.    Refunds or tax credits of creditable input tax
                (A)  Zero-rated or effectively zero-rated sales
                (B)  Capital goods
                (C)  Cancellation of VAT registration
                (D)  Period within refund or tax credit of input taxes shall be made
                (E)  Manner of giving refund
       
      Chapter II
      Compliance Requirements

      SEC. 113.    Invoicing and accounting requirements for VAT-registered persons
                (A)  Invoicing requirements
                (B)  Accounting requirements
      SEC. 114.    Return and payment of value-added tax
                (A)  In general
                (B)  Where to file the return and pay the tax
                (C)  Withholding of creditable value-added tax
      SEC. 115.    Power of the Commissioner to suspend the business operations of a taxpayer
                (A)  In the case of a VAT-registered person
                (B)  Failure of any person to register as required under Section 236


      TITLE V
      OTHER PERCENTAGE TAXES

      SEC. 116.    Tax on persons exempt from value-added tax (VAT)
      SEC. 117.    Percentage tax on domestic carriers and keepers of garages
      SEC. 118.    Percentage tax on international carriers
      SEC. 119.    Tax on franchises
      SEC. 120.    Tax on overseas dispatch, message, or conversation originating from the
                Philippines
                (A)  Persons liable
                (B)  Exemptions
                        (1)  Government
                        (2)  Diplomatic services
                        (3)  International Organizations
                        (4)  News services
      SEC. 121.    Tax on banks and non-bank financial intermediaries
      SEC. 122.    Tax on finance company
      SEC. 123.    Tax on life insurance premiums
      SEC. 124.    Tax on agents of foreign insurance companies
      SEC. 125.    Amusement taxes
      SEC. 126.    Tax on winnings
      SEC. 127.    Tax on sale, barter or exchange of shares of stock listed and traded through the
                local stock exchange or through initial public offering
                (A)  Tax on sale, barter or exchange of shares of stock listed and traded through
                       the local stock exchange
                (B)  Tax on shares of stocks sold or exchanged through initial public offering
                (C)  Return on capital gains realized from sale of shares of stock
                (D)  Common provisions
      SEC. 128.    Returns and payment of percentage taxes
                (A)  Returns of gross sales, receipts or earnings and payment of tax
                        (1)  Persons liable to pay percentage tax
                        (2)  Persons retiring from business
                        (3)  Exceptions
                        (4)  Determination of correct sales or receipts
                (B)  Where to file


      TITLE VI
      EXCISE TAXES ON CERTAIN GOODS
      Chapter I
      General Provisions

      SEC. 129.    Goods subject to excise taxes
      SEC. 130.    Filing of return and payment of excise tax on domestic products
                (A)  Persons liable to file a return on removal and payment of tax
                        (1)  Persons liable to file a return
                        (2)  Time for filing of return and payment of the tax
                        (3)  Place for filing of return and payment of tax
                        (4)  Exceptions
                (B)  Determination of gross selling price of goods subject to ad valorem tax
                (C)  Manufacturer's or producer's sworn statement
                (D)  Credit  for excise tax on goods actually exported
      SEC. 131.    Payment of excise taxes on imported articles
                (A)  Persons liable
                (B)  Rate and basis of the excise tax on imported articles
      SEC. 132.    Mode of computing contents of cask or package
       

      Chapter II
      Exemption of Conditional Tax-Free
      Removal of Certain Articles
       
      SEC. 133.    Removal of wines and distilled spirits for treatment  of tobacco leaf
      SEC. 134.    Domestic denatured alcohol
      SEC. 135.    Petroleum products sold to international carriers and exempt entities or agencies
      SEC. 136.    Denaturation, withdrawal and use of denatured alcohol
      SEC. 137.    Removal of spirits under bond for rectification
      SEC. 138.    Removal of fermented liquors to bonded warehouse
      SEC. 139.    Removal of damaged liquors free of tax
      SEC. 140.    Removal of tobacco products without prepayment of tax
      Chapter III
      Excise Tax on Alcohol Products
       
      SEC. 141.    Distilled spirits
      SEC. 142.    Wines
      SEC. 143.    Fermented liquors
      Chapter IV
      Excise on Tobacco Products

      SEC. 144.    Tobacco Products
      SEC. 145.    Cigars and cigarettes
                (A)  Cigars
                (B)  Cigarettes packed by hand
                (C)  Cigarettes packed  by machine
      SEC. 146.    Inspection fee
      SEC. 147.    Definition of terms
       

      Chapter V
      Excise Tax on Petroleum Products

      SEC. 148.    Manufactured oils and other fuels
       

      Chapter VI
      Excise Tax on Miscellaneous Articles

      SEC. 149.    Automobiles
      SEC. 150.    Non-essential goods
       

      Chapter VII
      Excise Tax on Mineral Products

      SEC. 151.    Mineral products
       

      Chapter VIII
      Administrative Provisions Regulating Business of
      Persons Dealing in Articles Subject to Excise Tax
       
      SEC. 152.    Extent of supervision over establishments producing taxable output
      SEC. 153.    Records to be kept by manufacturers; assessments based thereon
      SEC. 154.    Premises subject to approval by Commissioner
      SEC. 155.    Manufacturers to provide themselves with counting oe meeting devices to
               determine production
      SEC. 156.    Labels and form of packages
      SEC. 157.    Removal of articles after the payment of tax
      SEC. 158.    Storage of goods in internal-revenue bonded warehouses
      SEC. 159.    Proof of exportation; exporter's bond
      SEC. 160.    Manufacturers' and importers' bond
                (A)  Initial bond
                (B)  Bond for the succeeding years of operation
      SEC. 161.    Records to be kept by the wholesale dealers
      SEC. 162.    Records to be kept by dealers in leaf of tobacco
      SEC. 163.    Preservation of invoices and stamps
      SEC. 164.    Information to be given by manufacturers, importers, indentors, and
               wholesalers  of any apparatus or mechanical contrivance specially for the
                manufacture  of articles subject to excise tax and importers, indentors,
                manufacturers or sellers of cigarette paper in bobbins, cigarette tipping paper or
                cigarette filter tips
      SEC. 165.    Establishment of distillery warehouse
      SEC. 166.    Custody of distillery or distillery warehouse
      SEC. 167.    Limitation on quantity of spirits removed from warehouse
      SEC. 168.    Denaturing within premises
      SEC. 169.    Recovery of alcohol for use in arts and industries
      SEC. 170.    Requirements governing rectification and compounding of liquors
      SEC. 171.    Authority of internal revenue officer in searching for taxable articles
      SEC. 172.    Detention of package containing taxable articles

      TITLE VII
      DOCUMENTARY STAMP TAX

      SEC. 173.    Stamp taxes upon documents, instruments, loan, agreements, instruments and
                papers
      SEC. 174.    Stamp tax on debentures and certificates of indebtedness
      SEC. 175.    Stamp tax on original issue of certificate of stock
      SEC. 176.    Stamp tax on sales, agreements to sell, memoranda of sales, deliveries or
                transfer of due-bills, certificates of obligation, or shares or certificates of stock
      SEC. 177.    Stamp tax on bonds, debentures, certificates of stock or indebtedness issued
               in foreign countries
      SEC. 178.    Stamp tax on certificates of profits or interest in property or accumulations
      SEC. 179.    Stamp tax on bank checks, drafts, certificates of deposit not bearing interest,
               and other instruments
      SEC. 180.    Stamp tax on all bonds, loan agreements, promissory notes, bills of exchange,
                drafts, instruments and securities by the Government or any or
                instrumentalities, deposit substitute debt instruments, certificates of deposits
                bearing interest and others not payable on sight  or demand
      SEC. 181.    Stamp tax upon acceptance of bills of exchange and other
      SEC. 182.    Stamp tax on foreign bills of exchange and letters of credit
      SEC. 183.    Stamp tax on life insurance policies
      SEC. 184.    Stamp tax on policies of insurance upon property
      SEC. 185.    Stamp tax on fidelity bonds and other insurance policies
      SEC. 186.    Stamp tax on policies of annuities and pre-need plans
      SEC. 187.    Stamp tax on indemnity bond
      SEC. 188.    Stamp tax on certificates
      SEC. 189.    Stamp tax on warehouse receipts
      SEC. 190.    Stamp tax on jai-alai, horse race tickets, lotto or other authorized numbers
                games
      SEC. 191.    Stamp tax on bills of lading or receipts
      SEC. 192.    Stamp tax on proxies
      SEC. 193.    Stamp tax on power of attorney
      SEC. 194.    Stamp tax on leases and other hiring agreements
      SEC. 195.    Stamp tax on mortgages, pledges and deeds of trust
      SEC. 196.    Stamp tax on deeds of sale and conveyance of real property
      SEC. 197.    Stamp tax on charter parties and similar instruments
      SEC. 198.    Stamp tax on assignments and renewals of certain instruments
      SEC. 199.    Documents and papers not subject to stamp tax
      SEC. 200.    Payment of documentary stamp tax
               (A)  In general
               (B) Time for filing and payment of the tax
               (C) Where to file
               (D) Exception
      SEC. 201.    Effect of failure to stamp taxable document


      TITLE VIII
      REMEDIES
       
      Chapter I
      Remedies in General
       
      SEC. 202.    Final deed to purchaser
      SEC. 203.    Period of limitation upon assessment and collection
      SEC. 204.    Authority of the Commissioner to compromise, abate, and refund or credit
               taxes  
      Chapter II
      Civil Remedies for Collection of Taxes
       
      SEC. 205.    Remedies for the collection of delinquent taxes
      SEC. 206.    Constructive distraint of the property of a taxpayer
      SEC. 207.    Summary remedies
                (A) Distraint of personal property
                (B) Levy on real estate property
      SEC. 208.    Procedure for distraint and garnishment
      SEC. 209.    Sale of property distrained and disposition of proceeds
      SEC. 210.    Release of distrained property upon payment prior to sale
      SEC. 211.    Report of sale to Bureau of Internal Revenue
      SEC. 212.    Purchase by Government at sale upon distraint
      SEC. 213.    Advertisement and sale
      SEC. 214.    Redemption of property sold
      SEC. 215.    Forfeiture to Government for want of bidder
      SEC. 216.    Resale of real estate taken for taxes
      SEC. 217.    Further distraint or levy
      SEC. 218.    Injunction not available to restrain collection of tax
      SEC. 219.    Nature and extent of tax lien
      SEC. 220.    Form and mode of proceeding in actions arising under this Code
      SEC. 221.    Remedy for enforcement of statutory penal provisions
      SEC. 222.    Exceptions as to period of limitation of assessment and collection taxes
      SEC. 223.    Suspension of running of Statute of Limitations
      SEC. 224.    Remedy for enforcement of forfeitures
      SEC. 225.    When property to be sold or destroyed
      SEC. 226.    Disposition of funds recovered in legal proceedings or obtained from forfeitures
      SEC. 227.    Satisfaction of judgment recovered against any internal revenue officer
       
      Chapter III
      Protesting an Assessment, Refund, etc.chanrobles virtual law library
       
      SEC. 228.    Protesting of assessment
      SEC. 229.    Recovery of tax erroneously or illegally collected
      SEC. 230.    Forfeiture of cash refund and of tax credit
                (A) Forfeiture of refund
                (B) Forfeiture of tax credit
                (C) Transitory provision
      SEC. 231.    Action to contest forfeiture of chattel

      TITLE IX
      COMPLIANCE REQUIREMENTS
      Chapter I
      Keeping of Books of Accounts and Records
       
      SEC. 232.    Keeping of books of accounts
                (A) Corporations, companies, partnerships or persons required to keep books
                    of accounts
                (B) Independent Certified Public Accountant defined
      SEC. 233.    Subsidiary books
      SEC. 234.    Language in which books are to be kept; translation
      SEC. 235.    Preservation of books of accounts and other accounting records
       
       Chapter II
      Administrative Provisions
       
      SEC. 236.    Registration requirements
                (A) Requirements
                (B) Annual registration fee
                (C) Registration of each type of internal revenue tax
                (D) Transfer of registration
                (E) Other updates
                (F) Cancellation of registration
                (G) Persons commencing business
                (H) Persons becoming liable to the value-added tax
                (I) Optional registration of exempt person
                (J) Supplying of Taxpayer Identification Number (TIN)
      SEC. 237.    Issuance of receipts or sales or commercial invoices
      SEC. 238.    Printing of receipts or sales or commercial invoices
      SEC. 239.    Sign to be exhibited by distiller, rectifier, compounder, repacker and wholesale
                liquor dealer
      SEC. 240.    Sign to be exhibited by manufacturer of products of tobacco
      SEC. 241.    Exhibition of certificate of payment at place of business
      SEC. 242.    Continuation of business of deceased person
      SEC. 243.    Removal of business to other location
       
      Chapter III
      Rules and Regulations
       
      SEC. 244.    Authority of Secretary of Finance to promulgate rules and regulations
      SEC. 245.    Specific provisions to be contained in rules and regulations
      SEC. 246.    Non-retroactivity of rulings

      TITLE X
      STATUTORY OFFENSES AND PENALTIES
       
      Chapter I
      Additions to the Tax
       
      SEC. 247.    General provisions
      SEC. 248.    Civil penalties
      SEC. 249.    Interest
                (A) In general
                (B) Deficiency interest
                (C) Delinquency interest
                (D) Interest on extended payment
      SEC. 250.    Failure to file certain information returns
      SEC. 251.    Failure of a withholding agent to collect and remit tax
      SEC. 252.    Failure of a withholding agent to refund excess withholding tax
       
      Chapter II
      Crimes, Other Offenses and Forfeitures
       
      SEC. 253.    General provisions
      SEC. 254.    Attempt to evade or defeat tax
      SEC. 255.    Failure to file return, supply correct and accurate information, pay tax, withhold
                and remit tax and refund excess taxes withheld on compensation
      SEC. 256.    Penal liability of corporations
      SEC. 257.    Penal liability for making false entries, records or reports, or using falsified or fake
                accountable forms
      SEC. 258.    Unlawful pursuit of business
      SEC. 259.    Illegal collection of foreign payments
      SEC. 260.    Unlawful possession of cigarette paper in bobbins or rolls, etc.
      SEC. 261.    Unlawful use of denatured alcohol
      SEC. 262.    Shipment or removal of liquor or tobacco products under false name or brand or
                as an imitation of any existing or otherwise known product name or brand
      SEC. 263.    Unlawful possession or removal of articles subject to excise tax without
               payment of the tax
      SEC. 264.    Failure or refusal to issue receipts or sales or commercial invoices, violations
               related to the printing of such receipts or invoices, and other violations
      SEC. 265.    Offenses relating to stamps
      SEC. 266.    Failure to obey summons
      SEC. 267.    Declaration under penalties of perjury
      SEC. 268.    Other crimes and offenses
                (A) Misdeclaration or misrepresentation of manufacturers subject ot excise tax
                (B) Forfeiture of property used in unlicensed business or dies used for printing
                     used for printing false stamps, etc.
                (C) Forfeiture of goods illegally stored or removed
      Chapter III
      Penalties Imposed on Public Officers
       
      SEC. 269.    Violations committed by Government enforcement officers
      SEC. 270.    Unlawful divulgence of trade secrets
      SEC. 271.    Unlawful interest of revenue law enforcers in business
      SEC. 272.    Violation of withholding tax provision
      SEC. 273.    Penalty for failure to issue and execute warrant
       
      Chapter IV
      Other Penal Provisions
       
      SEC. 274.    Penalty for second and subsequent offenses
      SEC. 275.    Violation of other provisions of this Code or regulations in general
      SEC. 276.    Penalty for selling, transferring, encumbering or in any way disposing of
               property placed under constructive distraint
      SEC. 277.    Failure to surrender property placed under distraint and levy
      SEC. 278.    Procuring unlawful divulgence of trade secrets
      SEC. 279.    Confiscation and forfeiture of the proceeds or instruments of crime
      SEC. 280.    Subsidiary penalty
      SEC. 281.    Prescription for violations of any provision of this Code
      SEC. 282.    Informer’s reward to persons instrumental in the discovery of violation of
               the National Internal Revenue Code and in the discovery and seizure of
               smuggled goods

       
      TITLE XI
      ALLOTMENT OF INTERNAL REVENUE
      Chapter I
      Disposition and Allotment of National Internal Revenue in General
       
      SEC. 283.    Disposition of national internal revenue
      SEC. 284.    Allotment for the Commission on Audit
      SEC. 285.    Allotment for the Bureau of Internal Revenue
       
      Chapter II
      Special Disposition of Certain National Internal
      Revenue Taxes

      SEC. 286.    Disposition of proceeds of insurance premium tax
      SEC. 287.    Shares of Local Government Units in the proceeds from the development and
                utilization of the national wealth
                (A)  Amount of share of local government  units
                (B)  Share of the local governments from any government agency or
                       government-owned or controlled corporation
                (C)  Allocation of shares
      SEC. 288.    Disposition of incremental revenues
                (A)  Incremental revenues from Republic Act. No. 7660
                (B)  Incremental revenues from Republic Act. No. 8240
      SEC. 289.    Special financial support to beneficiary provinces producing Virginia tobacco


      TITLE XII
      OVERSIGHT COMMITTEE

      SEC. 290.    Congressional Oversight Committee


       
      TITLE XIII
      REPEALING PROVISIONS
       
      SEC. 291.    In general
 
      TITLE XIV
      FINAL PROVISIONS

      SEC. 292.    Separability clause

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