Republic Act No. 227: An act to exempt from the payment of income and other taxes the amounts collected by a taxpayer for damages suffered during the war

In plain language

Provides exemption from income and other taxes for amounts received by taxpayers for damages incurred during the last war, with credit of previously collected taxes within one year upon request.

Exemption of income and other taxes on war damage amounts

Credit of previously collected taxes within one year upon request

Effectivity upon approval

tax law

war damages

exemption

REPUBLIC ACT No. 227

An Act to Exempt from the Payment of Income and Other Taxes the Amounts Collected by a Taxpayer for Damages Suffered During the War

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

Section 1

Any amount received by a taxpayer from the Government of the United States or of the Philippines, or from any of their agencies and instrumentalities, for or on account of damages or losses suffered during the last war is hereby exempted from the payment of income tax and/or any other taxes to the Government of the Philippines; and any such tax heretofore collected thereon shall be credited, if such credit is requested, within one year from the approval of this Act.

Section 2

This Act shall take effect upon its approval.

Approved: June 5, 1948.

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.