ChanRobles Virtual law Library
PHILIPPINE LAWS, STATUTES & CODES
A collection of Philippine laws, statutes and codes not included or cited in the main indices of the Chan Robles Virtual Law Library.
Republic Acts :
REPUBLIC ACTS
PLEASE CLICK HERE FOR THE LATEST ➔ PHILIPPINE LAWS, STATUTES & CODES
REPUBLIC ACT NO. 1503 - AN ACT TO
AMEND CERTAIN SECTION OF COMMONWEALTH ACT NUMBERED FOUR HUNDRED
SIXTY-FIVE, OTHERWISE KNOWN AS THE RESIDENCE TAX LAW, AS AMENDED |
Section 1.
Section s one, two and four of Commonwealth Act Numbered Four hundred
sixty-five, as amended, are hereby further amended to read as follows: "Section 1.
Persons liable to residence tax. — Every inhabitant of the Philippines
over eighteen years of age who has been regularly employed on a wage or
salary basis for at least thirty consecutive days during any calendar
year at the rate of not less than fifty centavos a day, or who is
engaged in business or occupation, or who owns real property with an
aggregate assessed value of one thousand pesos or more, or who is
required by law to file an income tax return shall pay an annual
residence tax of fifty centavos and an annual additional tax which in
no case shall exceed one thousand pesos, in accordance with the
following schedule: "(a) For every
five thousand pesos worth of real property in the Philippines, in
excess of ten thousand pesos, owned by such person during the preceding
year, the valuation to be based upon the assessment rolls of the
municipality where the property is situated, two pesos; "For the purposes of the
additional tax, dividends received by the taxpayer from any corporation
shall not be considered as part of his gross receipts or earnings.cralaw "(a) For every
five thousand pesos worth of real property in the Philippines owned by
it during the preceding year, the valuation to be based upon the
assessment rolls of the municipality where the real property is
situated, two pesos; and "The term "corporation" as used
in this Act includes joint-stock company, partnership, joint account
(cuenta en participacion), association, or insurance company, no matter
how created or organized.cralaw "(a) Diplomatic
and consular representatives and officers of foreign powers; Sec. 2. This Act shall take effect upon its approval.cralaw Approved: June 16, 1956 |