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FULL TEXTOF THENATIONAL INTERNAL REVENUE CODEOF THE PHILIPPINES[Tax Reform Act of 1997]Republic Act No. 8424SearchbySections of
the CodeTITLE
IORGANIZATION
AND FUNCTION OF THEBUREAU
OF INTERNAL REVENUE
SEC. 24.
Income
tax rates
(A) Rate of income tax on individual citizen and individual
resident
alien of thePhilippines
(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 regionaloperating 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
IVTax
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 operatingheadquarters 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
VIIAllowable
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
nonresidentalien 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
TITLE
VIIDOCUMENTARY
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
Chapter
IICrimes,
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
printingused for printing false stamps, etc.
(C) Forfeiture of goods illegally stored or removed
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