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Tax law
Approved June 16, 1956

Republic Act No. 1516

An act to amend section three of republic act numbered six hundred, entitled "an act to prescribe a graduated scale for the income tax on corporations by amending sections 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," to make the rates prescribed therein permanent.

An Act to Amend Section Three of Republic Act Numbered Six Hundred, Entitled "An Act to Prescribe a Graduated Scale for the Income Tax on Corporations by Amending Sections 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," to Make the Rates Prescribed Therein Permanent.

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In plain language

This act amends Section 3 of Republic Act No. 600 to prescribe a graduated income tax scale for corporations and makes the rates prescribed permanent.

  • Amends Section 3 of Republic Act No. 600 to apply to income received from January 1, 1951.
  • Makes the rates prescribed in the act permanent.
tax
income tax
corporations
amendment

REPUBLIC ACT No. 1516

An Act Fixing a New Period for the Surrender of Treasury Certificates and Central Bank Notes of the Denomination of Over One Hundred Pesos, by Amending Section Two of Republic Act Numbered Eleven Hundred Ninety-One for the Purpose

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

Section 1

Section two of Republic Act Numbered Eleven hundred ninety-one is amended to read as follows:

"Sec. 2. To carry out the purposes of this Act, the owners or holders of Treasury certificates and Central Bank notes, either individual persons, associations, corporations, or institutions, of the denominations of over one hundred pesos, are required to surrender them to the Central Bank of the Philippines up to December thirty-one, nineteen hundred fifty-seven, and in exchange to receive from the Bank their equivalent amount in money in Treasury certificates or Central Bank notes of smaller denominations: Provided, That the exchange shall hereafter be allowed only if the holder has not been able to surrender the said notes and/or certificates due his ignorance of the original provisions of Republic Act Numbered Eleven hundred ninety-one or to no fault or negligence on his part or to circumstances beyond his control, or if the holder has acquired said notes and/or certificates for reasons other than speculation: Provided, further, That an affidavit alleging any of said grounds shall be prima facie proof of the facts therein alleged and shall be accepted as sufficient compliance with the preceding proviso.

Section 2

In case the affidavit required in the preceding section is found to be false in any material respect, the affiant shall be punished by imprisonment of not less than six months nor more than six years, and by a fine in treble the amount of the certificates and/or notes surrendered in exchange.

Section 3

The Central Bank of the Philippines and the provincial and municipal treasurers and barrio councils are hereby directed to give the provisions of this Act wide publicity.

Section 4

This Act shall take effect upon its approval.

Approved: June 16, 1956.

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.