Republic Act No. 3696: An act to further amend section one hundred eighty-three of commonwealth act numbered four hundred and sixty-six, as amended, otherwise known as the national internal revenue code and for other purposes

Republic Act No. 3696

An act to further amend section one hundred eighty-three of commonwealth act numbered four hundred and sixty-six, as amended, otherwise known as the national internal revenue code and for other purposes

An Act to Further Amend Section One Hundred Eighty-Three of Commonwealth Act Numbered Four Hundred and Sixty-Six, as Amended, Otherwise Known as the National Internal Revenue Code and for Other Purposes

In plain language

This act amends Section 183 of the National Internal Revenue Code by adding a new subsection that specifies the sales tax basis for locally manufactured articles sold on an installment basis, defining cash price and its application to installment sales. The act takes effect upon approval.

Amendment to Section 183 adding subsection (c) defining sales tax basis on cash price for installment sales

Tax law

Revenue Code

Amendment

Sales tax

REPUBLIC ACT No. 3696

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

Section 1

Section one hundred and eighty-three of Commonwealth Act Numbered Four hundred and sixty-six as amended, is hereby amended by adding a new subsection which shall read as follows:

"(c) Sales tax on articles manufactured locally and sold on installment basis. When the articles are manufactured locally and sold on installment term of at least twelve months, the percentage taxes established in sections one hundred eighty-four, one hundred eighty-five, and one hundred eighty-six of this Code shall be based on the cash prices of the articles, cash price being defined as the price at which an article is offered for sale on cash term to the public without any discount and/or rebate whatsoever during the tax period.

Section 2

This Act shall take effect upon its approval.

Approved: June 22, 1963.

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.