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. 600 - AN
ACT TO PRESCRIBE A GRADUATED SCALE FOR THE INCOME TAX ON CORPORATIONS
BY AMENDING SECTION TWENTY-FOUR AND FIFTY-FOUR OF COMMONWEALTH ACT
NUMBERED FOUR HUNDRED AND SIXTY-SIX, OTHERWISE KNOWN AS THE NATIONAL
INTERNAL REVENUE CODE, AS AMENDED, AND FOR OTHER PURPOSES |
Section 1.
Section twenty-four of Commonwealth Act Numbered Four hundred and
sixty-six, as amended, is hereby further amended to read as follows: "Sec. 24. Rate of tax on corporations. — There shall be levied, assessed, collected, and paid annually upon the total net income received in the preceding taxable year from all sources by every corporation organized in, or existing under the laws of the Philippines, no matter how created or organized, but not including duly registered general copartnerships (compañias colectivas), a tax upon such income equal to the sum of the following:" Twenty per centum upon the amount by which such total net income does not exceed one hundred thousand pesos; and Twenty-eight per centum upon the amount by which such total net income exceeds one hundred thousand pesos; and a like tax shall be levied, assessed, collected, and paid annually upon the total net income received in the preceding taxable year from all sources within the Philippines by every corporation organized, authorized, or existing under the laws of any foreign country: Provided, however, That Building and Loan Associations operating as such in accordance with sections one hundred and seventy-one to one hundred and ninety of the Corporation Law, as amended, as well as private educational institutions, shall pay a tax of twelve per centum and ten per centum, respectively, on their total net income: And provided, further, That in the case of dividends received by a domestic or resident foreign corporation from a domestic corporation liable to tax under this Chapter, only twenty-five per centum thereof shall be returnable for purposes of the tax imposed by this section. Sec. 2. Section fifty-four of Commonwealth Act
Numbered Four hundred and sixty-six, as amended, is further amended to
read as follows: Sec. 3. The provisions of this Act shall apply to
income received from January first, nineteen hundred and fifty-one to
December thirty-first, nineteen hundred and fifty-three, after the
expiration of which later date the provisions of Republic Act Numbered
Five hundred and ninety amending sections twenty-four and fifty-four of
the National Internal Revenue Code, as amended, shall be in full force
and effect. Approved: March 28, 1951 |
chanroblesvirtuallawlibrary