Amending The National Internal Revenue Code, As Amended, By Adding Another Supplement, To Be Known As "Supplement B" To Title II (Income Tax), By Placing Corporations On A Tax Withholding S
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Amending The National Internal Revenue Code, As Amended, By Adding Another Supplement, To Be Known As "Supplement B" To Title II (Income Tax), By Placing Corporations On A Tax Withholding S
Presidential Decree No. 30
October 27, 1972
Case Overview and Summary
Summary of Presidential Decree No. 30Introduction
- Amends the National Internal Revenue Code by adding Supplement B to Title II (Income Tax)
- Places corporations on a tax withholding system
Objectives
- Ensure continuous and even flow of revenue collection
- Provide ready financing for essential government operations and projects
- Introduce a new system of income tax payment on a quarterly basis that is advantageous to the government and taxpayers
Provisions
- Adopts and approves House Bill No. 5480, entitled "An Act Amending the National Revenue Code, as Amended, by Adding Another Supplement, to be Known as 'Supplement B,' to Title II (Income Tax), by Placing Corporations on a Tax Withholding System"
- Makes the adopted bill part of the law of the land
Effectivity
- The decree takes effect immediately
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Executive Issuances
Presidential Decrees
income tax
corporations
tax withholding system
quarterly payments
revenue collection
government operations
government projects
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Amending The National Internal Revenue Code, As Amended, By Adding Another Supplement, To Be Known As "Supplement B" To Title II (Income Tax), By Placing Corporations On A Tax Withholding S
Presidential Decree No. 30
•October 27, 1972
MALACAÑANGM a n i l a
PRESIDENTIAL DECREE No. 30 October 27, 1972
AMENDING THE NATIONAL INTERNAL REVENUE CODE, AS AMENDED, BY ADDING ANOTHER SUPPLEMENT, TO BE KNOWN AS "SUPPLEMENT B" TO TITLE II (INCOME TAX), BY PLACING CORPORATIONS ON A TAX WITHHOLDING SYSTEM
WHEREAS, there is a need to ensure the continuous and even flow of revenue collection in order to provide ready financing for essential Government operations and projects:
WHEREAS, in order to achieve that desired end it is necessary to introduce a new system of income tax payment on a quarterly basis that is both advantageous to the Government and the taxpayer; and
WHEREAS, there were pending before Congress before the promulgation of Proclamation No. 1081, dated September 21, 1972, a bill on the subject, entitled "AN ACT AMENDING THE NATIONAL REVENUE CODE, AS AMENDED, BY ADDING ANOTHER SUPPLEMENT, TO BE KNOWN AS 'SUPPLEMENT B,' TO TITLE II (INCOME TAX), BY PLACING CORPORATIONS ON A TAX WITHHOLDING SYSTEM." and denominated as H. No. 5480:
NOW, THEREFORE, I, FERDINAND E. MARCOS, President of...
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Amends
n/a
Amended by
n/a
Tags
Executive Issuances
Presidential Decrees
income tax
corporations
tax withholding system
quarterly payments
revenue collection
government operations
government projects
MALACAÑANGM a n i l a
PRESIDENTIAL DECREE No. 30 October 27, 1972
AMENDING THE NATIONAL INTERNAL REVENUE CODE, AS AMENDED, BY ADDING ANOTHER SUPPLEMENT, TO BE KNOWN AS "SUPPLEMENT B" TO TITLE II (INCOME TAX), BY PLACING CORPORATIONS ON A TAX WITHHOLDING SYSTEM
WHEREAS, there is a need to ensure the continuous and even flow of revenue collection in order to provide ready financing for essential Government operations and projects:
WHEREAS, in order to achieve that desired end it is necessary to introduce a new system of income tax payment on a quarterly basis that is both advantageous to the Government and the taxpayer; and
WHEREAS, there were pending before Congress before the promulgation of Proclamation No. 1081, dated September 21, 1972, a bill on the subject, entitled "AN ACT AMENDING THE NATIONAL REVENUE CODE, AS AMENDED, BY ADDING ANOTHER SUPPLEMENT, TO BE KNOWN AS 'SUPPLEMENT B,' TO TITLE II (INCOME TAX), BY PLACING CORPORATIONS ON A TAX WITHHOLDING SYSTEM." and denominated as H. No. 5480:
NOW, THEREFORE, I, FERDINAND E. MARCOS, President of...
Login to see full content