,





CHANROBLES VIRTUAL LAW LIBRARY






Law Library

On-Line Bar Review

cralaw_chanroblesbar

MCLE:

cralaw_lawnet

DebtKollect

cralaw_debkollect

Intellectual Property

cralaw_iplaw
Chan Robles Virtual Law Library


CLICK HERE FOR THE LATEST PHILIPPINE LAWS, STATUTES & CODES

Bookmark and Share





Sponsored by:  The ChanRobles Group

A collection of Philippine laws, statutes and codes
not included or cited in the main indices
of the Chan Robles Virtual Law Library.











THE CHAN ROBLES VIRTUAL LAW LIBRARY - QUICK GLANCE
 Philippines| Worldwide|The Business Page





REPUBLIC ACT NO. 8754



 

REPUBLIC ACT NO. 8761 -  AN ACT IMPOSING THE VALUE-ADDED TAX ON CERTAIN SERVICES BEGINNING JANUARY 1, 2001, AMENDING FOR THE PURPOSE SECTION 5 OF REPUBLIC ACT NO. 8424 AND FOR OTHER PURPOSES.

 



Section 1. Sec. 5 of Republic Act No. 8424 is hereby amended to read as follows:

"Sec. 5. Transitory Provisions.Effectivity of the Imposition of VAT on Certain Services. — The imposition of the value-added tax on the following services shall take effect on January 1, 2001:chanroblesvirtualawlibrary
"(a) Services performed in the exercise of profession or calling subject to the professional tax as provided for under Republic Act No. 7160, otherwise known as the Local Government Code of 1991, and professional services performed by registered general professional partnerships; actors, actresses, talents, singers and emcees; radio and television broadcasters, choreographers; musical, radio, movie, television and stage directors; and professional athletes;

"(b) Services rendered by banks, non-bank financial intermediaries, finance companies, and other financial intermediaries not performing quasi-banking functions; and

"(c) Services rendered by stock, real estate, commercial, customs and immigration brokers: Provided, That, for the year beginning January 1 up to December 31, 2000, the aforementioned brokers shall, in lieu of the value-added tax prescribed under Title IV of the National Internal Revenue Code of 1997, be subject to a tax equivalent to seven percent (7%) based on gross receipts from brokering services which shall be paid in the manner and in accordance with the provisions of Title V of the said Code: Provided, further, That beginning January 1, 2001, the aforementioned brokers shall be subject to the value-added tax, in lieu of the seven percent (7%) tax.
"The taxpayers rendering services mentioned under paragraphs (a) and (b) hereof, shall pay the applicable taxes prescribed under the pertinent provisions of the National Internal Revenue Code, as amended."

Sec. 2. Implementing Rules and Regulations. — The Secretary of Finance shall, upon the recommendation of the Commissioner of Internal Revenue, promulgate the necessary rules and regulations for the effective implementation of this Act.

chan robles virtual law library

Sec. 3. Repealing Clause. — All laws, decrees, orders, issuances, rules and regulations and other issuances or parts thereof inconsistent with this Act are hereby repealed or modified accordingly.
chan robles virtual law library

Sec. 4. Effectivity. — This Act shall take effect on January 1, 2000.chan robles virtual law library


Approved: February 15, 2000

chan robles virtual law library

Back to Home
  -  Back to Main
chanroblesvirtuallawlibrary






Since 19.07.98