Republic Act No. 1623: An act to amend certain sections of title v of commonwealth act numbered four hundred sixty-six, otherwise known as the national internal revenue code, as amended, and for other purposes.

Republic Act No. 1623

An act to amend certain sections of title v of commonwealth act numbered four hundred sixty-six, otherwise known as the national internal revenue code, as amended, and for other purposes.

AN ACT TO AMEND CERTAIN SECTIONS OF TITLE V OF COMMONWEALTH ACT NUMBERED FOUR HUNDRED SIXTY-SIX, OTHERWISE KNOWN AS THE NATIONAL INTERNAL REVENUE CODE, AS AMENDED, AND FOR OTHER PURPOSES.

In plain language

This act amends several sections of the National Internal Revenue Code (NIRC) to clarify the payment of privilege taxes, establish due dates for fixed taxes, repeal an outdated provision, and detail fixed tax rates for various businesses, including graduated rates based on gross annual sales.

Amends Sec. 178 to clarify privilege tax payment before business begins.

Amends Sec. 180 to set fixed tax due date to Jan 20 each year.

Repeals Sec. 181 of the NIRC.

Amends Sec. 182 to detail fixed taxes for businesses, including graduated rates based on gross annual sales and specific rates for various industries.

tax law

NIRC

privilege tax

fixed tax

Philippines

REPUBLIC ACT No. 1623

An Act Appropriating Fifteen Million Pesos Out of the Proceeds of the Sales of Bonds Authorized Under Republic Act Numbered One Thousand for the Extension of the Southern Line of the Manila Railroad Company from the Municipality of Daraga, Province of Albay, to the Municipality of Matnog, Province of Sorsogon

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

Section 1

The amount of fifteen million pesos is appropriated, out of the proceeds of the sales of bonds authorized under Republic Act Numbered One thousand, upon recommendation of the National Economic Council for the extension of the southern line of the Manila Railroad Company from the Municipality of Daraga, Province of Albay, to the Municipality of Matnog, Province of Sorsogon.

Section 2

This Act shall take effect upon its approval.

Approved: June 13, 1957.

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.