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This page features the full text of
Republic Act No. 7643
AN
ACT TO EMPOWER THE COMMISSIONER OF INTERNAL REVENUE TO REQUIRE THE
PAYMENT
OF THE VALUE-ADDED TAX EVERY MONTH AND TO ALLOW LOCAL GOVERNMENT UNITS
TO SHARE IN VAT REVENUE, AMENDING FOR THIS PURPOSE CERTAIN SECTIONS OF
THE NATIONAL INTERNAL REVENUE CODE.
REPUBLIC
ACT NO. 7643AN
ACT TO EMPOWER THE COMMISSIONER OF INTERNAL REVENUE TO REQUIRE THE
PAYMENT
OF THE VALUE-ADDED TAX EVERY MONTH AND TO ALLOW LOCAL GOVERNMENT UNITS
TO SHARE IN VAT REVENUE, AMENDING FOR THIS PURPOSE CERTAIN SECTIONS OF
THE NATIONAL INTERNAL REVENUE CODE.
Section
1. Section 110 of the National
Internal Revenue Code, as amended, is hereby further amended to read as
follows:chanroblesvirtualawlibrary
"Sec.
110. Return and payment of value-added
tax. (a) In general. — Every person liable to pay the value-added tax
imposed
under this title shall file a quarterly return of the amount of his
gross
sales or receipts within twenty (20) days following the close of each
taxable
quarter prescribed for each taxpayer: Provided, That any person
whose registration has been cancelled in accordance with Section 107
hereof,
shall file a return and pay the tax due thereon within twenty (20) days
from the date of cancellation of registration.Only
one consolidated return shall be filed by the taxpayer for his
principal
place of business of head office and all branches.chanrobles virtuallaw libraryred
"(b) Where
to file the return and pay the tax. — The return shall be filed with
and
the tax paid to a bank duly accredited by the Commissioner located
within
the revenue district where the taxpayer is registered or required to
register: Provided,
however, That VAT-registered persons shall pay the value-added tax
on a monthly basis: Provided, further, That in case no
accredited
bank is located within the revenue district, the return shall be filed
with and the tax paid to the revenue district officer, collection
agent,
or duly authorized treasurer of the municipality where the place of
business
is located in the order mentioned."
Sec.
2. Sec. 282 of the National Internal
Revenue Code, as amended, is hereby further amended to read as follows:chanroblesvirtualawlibrary
"Sec.
282. Disposition of national
internal revenue. — National internal revenue collected and not applied
as hereinabove provided or otherwise specially disposed of by law shall
accrue to the National Treasury and shall be available for the general
purposes of the Government, with the exception of the amounts set apart
by way of allotment as provided for under Republic
Act No. 7160, otherwise known as the Local Government Code of 1991.
"In
addition to the internal revenue allotment as provided for in the
preceding
paragraph, fifty percent (50%) of the national taxes collected under
Sections
100, 102, 112, 113, and 114 of this Code in excess of the increase in
collections
for the immediately preceding year shall be distributed as follows: (a)
Twenty percent (20%) shall accrue to the city or municipality where
such
taxes are collected and shall be allocated in accordance with Section
150
of Republic Act No.
7160,
otherwise known as the Local Government Code of 1991; and (b)
Eighty
percent (80%) shall accrue to the National Government."chanrobles virtuallaw libraryred
Sec.
3. All laws, decrees, orders,
rules and regulations, and other issuances inconsistent with this Act
are
hereby repealed or amended accordingly.
Sec.
4. This Act shall take effect
after fifteen (15) days following its complete publication in the
Official
Gazette or in at least two (2) national newspapers of general
circulation,
whichever comes earlier.chanrobles virtuallaw libraryred
Approved:
December
28, 1992
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