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Act
Approved June 14, 1955More laws from 1955 →

Republic Act No. 1274

An act to amend section seven of republic act numbered five hundred and sixty-seven, entitled "an act to amend title vi of commonwealth act numbered four hundred and sixty-six, otherwise known as the national internal revenue code, as amended"

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In plain language

This act extends the period for increased tax rates under the National Internal Revenue Code. It mandates that these higher rates remain in effect until June 30, 1957, after which the original tax rates will be restored.

REPUBLIC ACT No. 1274

An Act to Amend Section Seven of Republic Act Numbered Five Hundred and Sixty-Seven, Entitled "An Act to Amend Title VI of Commonwealth Act Numbered Four Hundred and Sixty-Six, Otherwise Known as the National Internal Revenue Code, as Amended"

Be it enacted by the Senate and House of Representatives of the Philippine Congress Assembled:

Section 1

Section seven of Republic Act Numbered Five hundred and sixty-seven, as amended by Republic Act Numbered Seven hundred and twenty-five, Republic Act Numbered Eight hundred and seventy, and Republic Act Numbered One thousand and ninety-two, is further amended to read as follows:

Sec. 7. The provisions of this Act shall take effect upon its approval but, unless otherwise expressly extended by Congress, the increased taxes provided for in this Act shall continue in force and effect until June thirty, nineteen hundred and fifty-seven, after which period the original rates of tax shall again be in force.

Section 2

This Act shall take effect upon its approval.

Approved: June 14, 1955.

For information and research only, and not legal advice. This text may not reflect later amendments. For certified copies, refer to the Official Gazette or the issuing agency.