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
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AN ACT TO FURTHER DEFER THE
IMPOSITION OF THE VALUE-ADDED TAX ON CERTAIN SERVICES, AMENDING FOR THE
PURPOSE Sec. 5 OF REPUBLIC ACT NO. 8424, AS AMENDED BY REPUBLIC ACT NO.
8761. |
Section 1. Sec. 5 of Republic Act No. 8424, as amended by Republic Act No. 8761, is hereby further amended to read as follows:
"(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; "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. 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. Sec. 3. All laws, decrees, orders, issuances, rules and regulations and other issuances or parts thereof inconsistent with this Act are hereby repealed or modified accordingly. Sec. 4. The effectivity of this Act shall retroact to
January 1, 2001. Approved: February 27, 2001. |
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