A collection of Philippine laws, statutes and codes not included or cited in the main indices of the Chan Robles Virtual Law Library.
Commonwealth Acts :
Section 1. Subsection (b) of section one of Act Numbered Twenty-eight hundred
and thirty-three, as amended by section one of Act Numbered Twenty-nine
hundred and twenty-six, is hereby further amended to read as
"For the purposes of the additional tax there shall be included as income the income derived from dividends or net earnings subject to the tax established in subsection (a) of section ten.
"All the provisions of this law relating to the normal tax on individuals, so far as they are applicable and are not inconsistent with this subdivision and section three, shall apply to the imposition, levy, assessment, and collection of the additional tax imposed under this subdivision."
"Section 3. If any corporation, joint-stock company, partnership, joint account (cuenta en participacion), association, however created or organized, except banks and insurance companies, is formed or availed of for the purpose of preventing the imposition of the additional tax or surtax upon its shareholders or members through the medium of permitting its gains and profits to accumulate instead of being divided or distributed, there is hereby levied and assessed against such corporation, joint-stock company, partnership, joint account (cuenta en participacion), or association for each taxable year a tax equal to twenty-five per centum of the undistributed portion of its accumulated profits or surplus which shall be in addition to the tax imposed by section ten, as amended, and shall be computed, collected and paid in the same manner and subject to the same provisions of law, including penalties, as that tax."
"Section 7. For the purpose of the normal tax only, there shall be allowed as an exemption in the nature of a deduction from the amount of the net income of each citizen or residents of the Philippines, ascertained as provided in the law, the sum of two thousand pesos plus two thousand pesos additional if the person making the return be a married man with a wife not legally separated from him, or plus the sum of two thousand pesos additional if the person making the return be a married woman with a husband not legally separated from her or an unmarried man or woman with one or both parents or one or more brothers, or sisters or one or more legitimate, recognized natural or adopted children dependent upon him or her for support where such brothers, sisters, or children are less than twenty-one years of age; but in no event shall this additional exemption of two thousand pesos be deducted by both: Provided, That only one deduction of four thousand pesos shall be made from the aggregate income of both husband and wife when not legally separated: Provided, further, That if the person making the return is the head of a family, there shall be an additional exemption of five hundred pesos for each legitimate, recognized natural, or adopted child dependent upon such person, if such dependents are less than twenty-one years of age, or incapable of self-support because mentally or physically defective: Provided, further, That guardians or trustees shall be allowed to claim this personal exemption as to income derived from the property of which such guardian or trustees has charge in favor of each ward or cestui que trust: Provided, finally, That in no event shall a ward or cestui que trust be allowed a greater personal exemption than as provided in this section, from the amount of net income received from all sources. There shall also be allowed an exemption from the amount of the net income of estates of deceased citizens or residents of the Philippines during the period of administration or settlement, and of trusts or other estates of citizens or residents of the Philippines the income of which is not distributed annually or regularly under the provisions of subdivision (b) of section two of this Act the sum of two thousand pesos, including such deductions as are allowed under section five.
"A nonresident alien individual shall be entitled to personal exemption in an amount equal to the exemptions allowed by the income tax law in the country of which he is a subject or citizen to citizens of the Philippines not residing in such country, but not to exceed the amount fixed in this section as exemption for citizens or residents of the Philippines: Provided, That said nonresident alien file a true and accurate return of the total income received by him from all sources in the Philippines, as required by this Act."
"Section 10. There shall be levied, assessed, collected, and paid annually upon the total net income received in the preceding calendar year from all sources by every corporation, joint-stock company, partnership, joint account (cuenta en participacion), association, or insurance company, organized in the Philippines, no matter how created or organized, but not including duly registered general co-partnerships (companias colectivas), a tax of six per centum upon such income, and a like tax shall be levied, assessed, collected, and paid annually upon the total net income received in the preceding calendar year from all sources within the Philippines by every corporation, joint stock company, partnership, joint account (cuenta en participacion), association. or insurance company organized, authorized, or existing under the laws of any foreign country, including interest on bonds, notes or other interest-bearing obligations of residents, corporate or otherwise: Provided, however, That nothing in this section shall be construed as permitting the taxation of the income derived from dividends or net profits on which the normal tax has been paid.
The gain derived or loss sustained from the sale or other disposition by a corporation, joint-stock company, partnership, joint account (cuenta en participacion), association, or insurance company, or property, real personal, or mixed, shall be ascertained in accordance with subsections (c) and (d) of section two of Act Numbered Two thousand eight hundred and thirty-three, as amended by Act Numbered Twenty-nine hundred and twenty-six.
"The foregoing tax rate shall apply to the net income received by every Taxable Corporation, joint - stock company, partnership, joint account (cuenta en participacion), association, or insurance company in the calendar year nineteen hundred and thirty-six and in each year thereafter."
"Any individual or any officer of any corporation, joint stock company, partnership, joint account (cuenta en participacion), association, insurance company, or general co-partnerships (compania colectiva), required by law to make, render, sign, or verify any return or to supply any information, who makes any false or fraudulent return or statement with intent to defeat or evade the assessment required by this law to be made, shall be guilty of less grave felony, and shall be punished by a fine of not exceeding four thousand pesos or by imprisonment for not exceeding one year, or both, in the discretion of the court, with the costs of prosecution, and with subsidiary imprisonment in case of insolvency: Provided, That where any tax heretofore due and payable has been duly paid by the taxpayer, it shall not be recollected from any withholding agent required to retain it at its source, nor shall any penalty be imposed or collected in such cases from the taxpayer, or such withholding agent whose duty it was to retain it, for failure to return or to pay the same, unless such failure was fraudulent and for the purpose of evading payment."