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REPUBLIC ACT NO. 3825 - AN ACT TO
AMEND CERTAIN SECTIONS OF COMMONWEALTH ACT NUMBERED FOUR HUNDRED
SIXTY-SIX, OTHERWISE KNOWN AS THE NATIONAL INTERNAL REVENUE CODE, AND
FOR OTHER PURPOSES
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Section
1. Subparagraph (1), paragraph (b) of Section
twenty-four of the National Internal Revenue Code, as amended, is
further amended to read as follows:
"(b)
Tax on foreign corporation. — (1) Non-resident
corporations. — There shall be levied, collected, and paid for each
taxable year, in lieu of the tax imposed by the preceding paragraph,
upon the amount received by every foreign corporation not engaged in
trade or business within the Philippines, for all sources within the
Philippines, as interest, dividends, rents, salaries, wages, premiums,
annuities, compensations, remunerations, emoluments, or other fixed or
determinable annual or periodical gains, profits, and income, a tax
equal to thirty per centum of such amount: Provided, however, That
premiums shall not include reinsurance premiums."
Sec. 2. Section fifty-four of the National Internal Revenue Code, as amended, is hereby further amended to read as follows: "Sec.
54. Payment of corporation income tax at
source. — In the case of foreign corporations, subject to taxation
under this Title not engage in trade or business within the Philippines
and not having any office or place of business therein, there shall be
deducted and withheld at the source in the same manner and upon the
same items as is provided in Section fifty-three a tax equal to thirty
per centum thereof, and such tax shall be returned and paid in the same
manner and subject to the same conditions as provided in that section:
Provided, however, That no such deduction or withholding shall be
required in the case of reinsurance premiums ceded to foreign insurance
corporations not engaged in trade or business in the Philippines and
having no office or place of business therein."
Sec. 3. This Act shall take effect upon its approval. Approved: June 22, 1963 |
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