NATIONAL INTERNAL REVENUE CODE OF 1997 - CHAN ROBLES & ASSOCIATES LAW FIRM

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PHILIPPINE TAX UPDATE ON-LINE Sponsored by: The ChanRobles Group THE NATIONAL INTERNAL REVENUE CODE OF THE PHILIPPINES [Tax Reform Act of 1997] Republic Act No. 8424 Search the Content-Description of the Code

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TITLE I

TITLE II

TITLE III

TITLE IV

TITLE V

TITLE VI

TITLE VII

TITLE VIII

TITLE IX

TITLE X

TITLE XI

TITLE XII

TITLE XIII

TITLE XIV

TITLE I ORGANIZATION AND FUNCTION OF THE BUREAU OF INTERNAL REVENUE

SECTION 1. Title of the Code

SEC. 2. Powers and duties of the Bureau of Internal Revenue

SEC. 3. Chief officials of the Bureau of Internal Revenue

SEC. 4. Power of the Commissioner to interpret tax laws and to decide tax cases

SEC. 5. Power of the Commissioner to obtain information, and to summon, examine,

and take testimony of persons

SEC. 6. Power of the Commissioner to make assessments and prescribe additional

requirements for tax administration and enforcement

(A) Examination of returns and determination of tax due

(B) Failure to submit required returns, statements, reports and other

documents

presumptive gross and receipts

(D) Authority to terminate taxable period

(E) Authority of the Commissioner to prescribe real property values

(F) Authority of the Commissioner to inquire into bank deposit account

(G) Authority to accredit and register tax agent

(H) Authority of the Commissioner to prescribe additional procedural or

documentary requirements

SEC. 7. Authority of the Commissioner to delegate powers

SEC. 8. Duty of the Commissioner to ensure the provision and distribution of forms,

receipts certificates, and appliances, and the acknowledgment of payment of

taxes

(A) Provision and distribution to proper official

(B) Receipts for payment made

SEC. 9. Internal revenue districts

SEC. 10. Revenue Regional Director

SEC. 11. Duties of Revenue District Officers and other internal revenue officers

SEC. 12. Agents and deputies for collection of national internal revenue taxes

SEC. 13. Authority of Revenue Officer

SEC. 14. Authority of officers to administer oaths and take testimony

SEC. 15. Authority of internal revenue officers to make arrests and seizures

SEC. 16. Assignment of internal revenue officers involved in excise tax functions to

establishments where article subject to excise tax are produced or kept

SEC. 17. Assignment of internal revenue officers and other employees to other duties

SEC. 18. Reports of violation of laws

SEC. 19. Contents of Commissioner's Annual Report

SEC. 20. Submission of report and pertinent information by the Commissioner

(A) Submission of pertinent information to Congress

(B) Report of Oversight Committee

SEC. 21. Sources of revenue

TITLE II

TAX ON INCOME

Chapter I

Definitions

SEC. 22. Definitions

Chapter II

General Principles

SEC. 23. General principles of income taxation in the Philippines

Chapter III

Tax on Individuals

SEC. 24. Income tax rates

(A) Rate of income tax on individual citizen and individual resident alien of the

Philippines

(B) Rates of tax on certain passive incomes

exchange

(D) Capital gains from sales of real property

SEC. 25. Tax on nonresident alien individual

(A) Nonresident alien engaged in trade or business within the Philippines

(B) Nonresident alien individual not engaged in trade or business within the

Philippines

operating headquarters of multinational company

(D) Alien individual employed by offshore banking units

(E) Alien individual employed by petroleum service contractor and

subcontractor

SEC. 26. Tax liability of members of general professional partnerships

Chapter IV

Tax on Corporations

SEC. 27.      Rates of income tax on domestic corporations
                   (A) In general
                   (B) Proprietary educational institutions and hospitals
                   (C) Government-owned or controlled corporations, agencies or instrumentalities
                   (D) Rates of tax on certain passive incomes
                                (1) Interest from deposits yield or any other monetary benefit from
                                      deposit substitutes and from trust funds and similar
                                      arrangements, and royalties
                                (2) Capital gains from the sale of shares of stock not traded in the
                                      stock exchange
                                (3) Tax on income derived under the expanded foreign currency
                                      deposit system
                                (4) Incorporate dividends
                                (5) Capital gains from the sale, exchange or disposition of lands and/or
                                      buildings
                   (E) Minimum corporate income tax on domestic corporations
                                (1) Imposition of tax
                                (2) Carry forward of excess minimum tax
                                (3) Relief from the minimum corporate income tax under certain
                                      conditions
                                (4) Gross income defined
SEC. 28.      Rates of income tax on foreign corporations
                   (A) Tax on resident foreign corporations
                                (1) In general
                                (2) Minimum corporate income tax on resident foreign corporations
                                (3) International carrier
                                (4) Offshore banking units
                                (5) Tax on branch profit remittances
                                (6) Regional or area headquarters and regional operating
                                      headquarters of multinational companies
                                (7) Tax on certain incomes received by a resident foreign corporation
                   (B) Tax on nonresident foreign corporations
                                (1) In general
                                (2) Nonresident cinematographic film owner, lessor or distributor
                                (3) Nonresident owner or lessor of vessels chartered by Philippine
                                      nationals
                                (4) Nonresident lessor of aircraft, machineries and other equipment
                                (5) Tax certain incomes received by a nonresident foreign corporation
SEC. 29.      Imposition of improperly accumulated earnings tax
                   (A) In general
                   (B) Tax on corporations subject to improperly accumulated earnings
                                (1) In general
                                (2) Exceptions
                   (C) Evidence for purpose to avoid income tax
                                (1) Prima facie evidence
                                (2) Evidence determinative of purpose
                   (D) Improperly accumulated taxable income
                   (E) Reasonable needs of the business
SEC. 30.      Exemptions from tax on corporations

Chapter V

Computation of Taxable Income

SEC. 31. Taxable income defined

Chapter VI

Computation of Gross Income

SEC. 32.     Gross income
                  (A) General definition
                  (B) Exclusions from gross income
                            (1) Life Insurance
                            (2) Amount received by insured as return of premium
                            (3) Gifts, bequests, and devises
                            (4) Compensation for injuries or sickness
                            (5) Income exempt under treaty
                            (6) Retirement benefits, pensions, gratuities, etc.
                            (7) Miscellaneous items
SEC. 33.     Special treatment of fringe benefit
                  (A) Imposition of tax
                  (B) Fringe benefit defined
                  (C) Fringe benefits not taxable

Chapter VII

Allowable Deductions

SEC. 34. Deductions from gross income

(A) Expenses

(1) Ordinary and necessary trade, business or professional expenses

(2) Expenses allowable to private educational institutions

(B) Interest

(1) In general

(2) Exceptions

(3) Optional treatment of interest expense

(1) In general

(2) Limitations on deductions

(3) Credit against tax for taxes of foreign countries

(4) Limitations on credit

(5) Adjustments on payment of incurred taxes

(6) Year in which credit taken

(7) Proof of credits

(D) Losses

(1) In general

(2) Proof of loss

(3) Net operating loss carry-over

(4) Capital losses

(5) Losses on wash sales of stock or securities

(6) Wagering losses

(7) Abandonment losses

(E) Bad debts

(1) In general

(2) Securities becoming worthless

(F) Depreciation

(1) General rule

(2) Use of certain methods and rates

(3) Agreement as to useful life in which depreciation rate is based

(4) Depreciation of properties used in petroleum operations

(5) Depreciation of properties used in mining operations

(6) Depreciation deductible by nonresident aliens engaged in trade or

business or resident foreign corporations

(G) Depletion of oil and gas wells and mines

(1) In general

(2) Election to deduct exploration and development expenditures

(3) Depletion of oil and gas wells and mines deductible by a nonresident

alien individual or foreign corporation

(H) Charitable and other contributions

(1) In general

(2) Contributions deductible in full

(3) Valuation

(4) Proof of deductions

(I) Research and development

(1) In general

(2) Amortization of certain research and development expenditures

(3) Limitations on deduction

(J) Pension trusts

(K) Additional requirements for deductibility of certain payments

(L) Optional standard deduction

(M) Premium payments on health and/or hospitalization insurance of an

individual taxpayer

SEC. 35. Allowance of personal exemption for individual taxpayer

(A) In general

(B) Additional exemption for dependents

(D) Personal exemptions allowable to nonresident alien individual

SEC. 36. Items not deductible

(A) General rule

(B) Losses from sales or exchange of property

SEC. 37. Special provisions regarding income in deductions of insurance companies,

whether domestic or foreign

(A) Special deductions allowed to insurance companies

(B) Mutual insurance companies

(D) Assessment insurance companies

SEC. 38. Losses from wash sales of stock or securities

SEC. 39. Capital gains and losses

(A) Definition

(B) Percentage taken into account

(D) Net capital loss carry-over

(E) Retirement of bonds, etc.

(F) Gains and losses from short sales, etc.

SEC. 40. Determination of amount of and recognition of gain or loss

(A) Computation of gain or loss

(B) Basis for determining gain or loss from sale or disposition of property

(1) General rule

(2) Exception

(3) Exchange not solely in kind

(4) Assumption of liability

(5) Basis

(6) Definitions

SEC. 41. Inventories

SEC. 42. Income from sources within the Philippines

(A) Gross income from sources within the Philippines

(1) Interests

(2) Dividends

(3) Services

(4) Rentals and royalties

(5) Sale of real property

(6) Sale of personal property

(B) Taxable income from sources within the Philippines

(1) General rule

(2) Exception

(D) Taxable income from sources without the Philippines

(E) Income from sources partly within and partly without the Philippines

(F) Definitions

Chapter VIII

Accounting Periods and Methods of Accounting

SEC. 43.     General rule
SEC. 44.     Period inn which items of gross income included
SEC. 45.     Period fro which deductions and credits taken
SEC. 46.     Change of accounting period
SEC. 47.     Final or adjustment returns for a period of less than twelve (12) months
                   (A) Returns for short period resulting from change of accounting period
                   (B) Income computed on basis of short period
SEC. 48.     Accounting for long-term contracts
SEC. 49.     Installment basis
                  (A) Sales of dealers in personal property
                  (B) Sales of realty and casual sales of personality
                  (C) Sales of real property considered as capital asset by individuals
                  (D) Change from accrual to installment basis
SEC. 50.     Allocation of income and deductions

Chapter IX

Returns and Payment of Tax

SEC. 51.     Individual returns
                  (A) Requirements
                  (B) Where to file
                  (C) When to file
                  (D) Husband and wife
                  (E) Return of parent to include income of children
                  (F) Persons under disability
                  (G) Signatures presumed correct
SEC. 52.     Corporation returns
                  (A) Requirements
                  (B) Taxable year of corporation
                  (C) Return of corporation contemplating dissolution or reorganization
                  (D) Return on capital gains realized from the sale of shares of stock not traded
                        in the local stock exchange
SEC. 53.     Extension of time to file returns
SEC. 54.     Returns of receivers, trustees in bankruptcy or assignees
SEC. 55.     Returns of general professional partnerships
SEC. 56.     Payment and assessment of income tax for individuals and corporations
                  (A) Payment of tax
                            (1) In general
                            (2) Installment payment
                            (3) Payment of capital gains tax
                  (B) Assessment and payment of deficiency tax
SEC. 57.     Withholding of tax at source
                  (A) Withholding of final tax on certain incomes
                  (B) Withholding of creditable tax source
SEC. 58.     Returns and payments of taxes withheld
                  (A) Quarterly returns and payments of taxes withheld
                  (B) Statement of income payments made and taxes withheld
                  (C) Annual information returns
                  (D) Income of recipient
                  (E) Registration with Register of Deeds
SEC. 59.     Tax on public collectible from owner or other persons

Chapter X

Estates and Trusts

SEC. 60.     Imposition of tax
                  (A) Application of tax
                  (B) Exception
                  (C) Computation and payment
SEC. 61.     Taxable income
SEC. 62.     Exemption allowed to estates and trusts
SEC. 63.     Revocable trusts
SEC. 64.     Income for benefit of grantor
SEC. 65.     Fiduciary returns
SEC. 66.     Fiduciaries indemnified against claims fro taxes paid

Chapter XI

Other Income Tax Requirements

SEC. 67. Collection of foreign payments

SEC. 68. Information at source as to income payments

SEC. 69. Return of information of brokers

SEC. 70. Returns of foreign corporations

(A) Requirements

(B) From and contents of return

SEC. 71. Disposition of income returns; publication of lists of taxpayers and filers

SEC. 72. Suit to recover tax based on false or fraudulent returns

SEC. 73. Distribution of dividends or assets by corporations

(A) Definitions of dividend

(B) Stock dividend

profits

(D) Net income of a partnership deemed constructively received by partners

Chapter XII

Quarterly Corporate Income Tax Annual

Declaration and Quarterly Payments of Income Taxes

SEC. 74.     Declaration of income tax for individuals
SEC. 75.     Declaration of corporate quarterly income tax
SEC. 76.     Final adjustment return
SEC. 77.     Place and time of filing and payment of quarterly corporate income tax
                  (A) Place of filing
                  (B) Time of filing the income tax return
                  (C) Time of payment of the income tax

Chapter XIII

Withholding on Wages

SEC. 78.     Definitions
SEC. 79.     Income tax collected at source
                  (A) Requirement of withholding
                  (B) Tax paid by recipient
                  (C) Refunds or credits
                  (D) Personal exemptions
                  (E) Withholding on basis of average wages
                  (F) Husband and wife
                  (G) Nonresident aliens
                  (H) Year-end adjustment
SEC. 80.     Liability of tax
                  (A) Employer
                  (B) Employee
SEC. 81.     Filing of return and payment of taxes withheld
SEC. 82.     Return and payment of taxes withheld
SEC. 83. Statements and returns

TITLE III

ESTATE AND DONOR'S TAXES

Chapter I

Estate Tax

SEC. 84.     RAtes of estate tax
SEC. 85.     Gross estate
                   (A) Decedent's interest
                   (B) Transfer in contemplation of death
                   (C) Revocable transfer
                   (D) Property passing under general power of appointment
                   (E) Proceeds of life insurance
                   (F) Prior interests
                   (G) Transfer fro insufficient consideration
                   (H) Capital of the surviving spouse
SEC. 86.     Computation of net estate
                   (A) Deduction allowed to the estate of a citizen or a resident
                            (1) Expenses, losses, indebtedness, and taxes
                            (2) Property previously taxed
                            (3) Transfer for public use
                            (4) The family home
                            (5) Standard deduction
                            (6) Medical expenses
                            (7) Amount received by heirs under Republic Act No. 4917
                   (B) Deductions allowed to nonresident estates
                            (1) Expenses, losses, indebtedness and taxes
                            (2) Property previously taxed
                            (3) Transfer for public use
                   (C) Share in the conjugal property
                   (D) Miscellaneous provisions
                   (E) Tax credit for estate taxes paid to a foreign country
                            (1) In general
                            (2) Limitations on credit

SEC. 87.     Exemption of certain acquisitions and transmissions
SEC. 88.     Determination of the value of the estate
                  (A) Usufruct
                  (B) Properties
SEC. 89.     Notice of death to be filed
SEC. 90.     Estate tax returns
                  (A) Requirements
                  (B) Time of filing
                  (C) Extension of time
                  (D) Place of filing
SEC. 91.     Payment of tax
                  (A) Time of payment
                  (B) Extension of time
                  (C) Liability for payment
SEC. 92.     Discharge of executor or administrator from personal liability
SEC. 93.     Definition of deficiency
SEC. 94.     Payment before delivery by executor of administrator
SEC. 95.     Duties of certain officers and debtors
SEC. 96.     Restitution of tax upon satisfaction of outstanding obligations
SEC. 97.     Payment of tax antecedent to the transfer of shares, bonds or rights

Chapter II

Donor's Tax

SEC. 98. Imposition of tax

SEC. 99. Rates of tax payable by donor

(A) In general

(B) Tax payable by donor if donee is a stranger

SEC. 100. Transfer for less than adequate and full consideration

SEC. 101. Exemption of certain gifts

(A) In the case of gifts made by a resident

(B) In the case of gifts made by a nonresident not citizen of the Philippines

SEC. 102. Valuation of gifts made in property

SEC. 103. Filing of return and payment of tax

SEC. 104. Definitions

TITLE IV

VALUE-ADDED TAX

Chapter I

Imposition of Tax

SEC. 105. Persons liable

SEC. 106. Value-added tax on sale of goods or properties

(A) Rate and base of tax

(B) Transactions deemed sale

(D) Determination of the tax

SEC. 107. Value-added tax on importation of goods

(A) In general

(B) Transfer of goods by tax-exempt persons

SEC. 108. Value-added tax on sale of services and use or lease of properties

(A) Rate and bas of tax

(B) Transactions subject to zero percent (0%) rate

SEC. 109. Exempt transaction

SEC. 110. Tax credits

(A) Creditable input tax

(B) Excess output or input tax

SEC. 111. Transitional/presumptive input tax credit

(A) Transitional input tax credit

(B) Presumptive input tax credits

SEC. 112. Refunds or tax credits of creditable input tax

(A) Zero-rated or effectively zero-rated sales

(B) Capital goods

(D) Period within refund or tax credit of input taxes shall be made

(E) Manner of giving refund

Chapter II

Compliance Requirements

SEC. 113.    Invoicing and accounting requirements for VAT-registered persons
                    (A) Invoicing requirements
                    (B) Accounting requirements
SEC. 114.    Return and payment of value-added tax
                    (A) In general
                    (B) Where to file the return and pay the tax
                    (C) Withholding of creditable value-added tax
SEC. 115.    Power of the Commissioner to suspend the business operations of a taxpayer
                    (A) In the case of a VAT-registered person
                    (B) Failure of any person to register as required under Section 236

TITLE V

OTHER PERCENTAGE TAXES

SEC. 116.    Tax on persons exempt from value-added tax (VAT)
SEC. 117.    Percentage tax on domestic carriers and keepers of garages
SEC. 118.    Percentage tax on international carriers
SEC. 119.    Tax on franchises
SEC. 120.    Tax on overseas dispatch, message, or conversation originating from the
                    Philippines
                    (A) Persons liable
                    (B) Exemptions
                            (1) Government
                            (2) Diplomatic services
                            (3) International Organizations
                            (4) News services
SEC. 121.    Tax on banks and non-bank financial intermediaries
SEC. 122.    Tax on finance company
SEC. 123.    Tax on life insurance premiums
SEC. 124.    Tax on agents of foreign insurance companies
SEC. 125.    Amusement taxes
SEC. 126.    Tax on winnings
SEC. 127.    Tax on sale, barter or exchange of shares of stock listed and traded through the
                    local stock exchange or through initial public offering
                    (A) Tax on sale, barter or exchange of shares of stock listed and traded through
                           the local stock exchange
                    (B) Tax on shares of stocks sold or exchanged through initial public offering
                    (C) Return on capital gains realized from sale of shares of stock
                    (D) Common provisions
SEC. 128.    Returns and payment of percentage taxes
                    (A) Returns of gross sales, receipts or earnings and payment of tax
                            (1) Persons liable to pay percentage tax
                            (2) Persons retiring from business
                            (3) Exceptions
                            (4) Determination of correct sales or receipts
                    (B) Where to file

TITLE VI

EXCISE TAXES ON CERTAIN GOODS

Chapter I

General Provisions

SEC. 129.    Goods subject to excise taxes
SEC. 130.    Filing of return and payment of excise tax on domestic products
                    (A) Persons liable to file a return on removal and payment of tax
                            (1) Persons liable to file a return
                            (2) Time for filing of return and payment of the tax
                            (3) Place for filing of return and payment of tax
                            (4) Exceptions
                    (B) Determination of gross selling price of goods subject to ad valorem tax
                    (C) Manufacturer's or producer's sworn statement
                    (D) Credit for excise tax on goods actually exported
SEC. 131.    Payment of excise taxes on imported articles
                    (A) Persons liable
                    (B) Rate and basis of the excise tax on imported articles
SEC. 132.    Mode of computing contents of cask or package

Chapter II

Exemption of Conditional Tax-Free

Removal of Certain Articles

SEC. 133. Removal of wines and distilled spirits for treatment of tobacco leaf

SEC. 134. Domestic denatured alcohol

SEC. 135. Petroleum products sold to international carriers and exempt entities or agencies

SEC. 136. Denaturation, withdrawal and use of denatured alcohol

SEC. 137. Removal of spirits under bond for rectification

SEC. 138. Removal of fermented liquors to bonded warehouse

SEC. 139. Removal of damaged liquors free of tax

SEC. 140. Removal of tobacco products without prepayment of tax

Chapter III

Excise Tax on Alcohol Products

SEC. 141. Distilled spirits

SEC. 142. Wines

SEC. 143. Fermented liquors

Chapter IV

Excise on Tobacco Products

SEC. 144.    Tobacco Products
SEC. 145.    Cigars and cigarettes
                    (A) Cigars
                    (B) Cigarettes packed by hand
                    (C) Cigarettes packed by machine
SEC. 146.    Inspection fee
SEC. 147.    Definition of terms

Chapter V

Excise Tax on Petroleum Products

SEC. 148. Manufactured oils and other fuels

Chapter VI

Excise Tax on Miscellaneous Articles

SEC. 149. Automobiles
SEC. 150. Non-essential goods

Chapter VII

Excise Tax on Mineral Products

SEC. 151. Mineral products

Chapter VIII

Administrative Provisions Regulating Business of

Persons Dealing in Articles Subject to Excise Tax

SEC. 152. Extent of supervision over establishments producing taxable output

SEC. 153. Records to be kept by manufacturers; assessments based thereon

SEC. 154. Premises subject to approval by Commissioner

SEC. 155. Manufacturers to provide themselves with counting oe meeting devices to

determine production

SEC. 156. Labels and form of packages

SEC. 157. Removal of articles after the payment of tax

SEC. 158. Storage of goods in internal-revenue bonded warehouses

SEC. 159. Proof of exportation; exporter's bond

SEC. 160. Manufacturers' and importers' bond

(A) Initial bond

(B) Bond for the succeeding years of operation

SEC. 161. Records to be kept by the wholesale dealers

SEC. 162. Records to be kept by dealers in leaf of tobacco

SEC. 163. Preservation of invoices and stamps

SEC. 164. Information to be given by manufacturers, importers, indentors, and

wholesalers of any apparatus or mechanical contrivance specially for the

manufacture of articles subject to excise tax and importers, indentors,

manufacturers or sellers of cigarette paper in bobbins, cigarette tipping paper or

cigarette filter tips

SEC. 165. Establishment of distillery warehouse

SEC. 166. Custody of distillery or distillery warehouse

SEC. 167. Limitation on quantity of spirits removed from warehouse

SEC. 168. Denaturing within premises

SEC. 169. Recovery of alcohol for use in arts and industries

SEC. 170. Requirements governing rectification and compounding of liquors

SEC. 171. Authority of internal revenue officer in searching for taxable articles

SEC. 172. Detention of package containing taxable articles

TITLE VII

DOCUMENTARY STAMP TAX

SEC. 173.    Stamp taxes upon documents, instruments, loan, agreements, instruments and
                    papers
SEC. 174.    Stamp tax on debentures and certificates of indebtedness
SEC. 175.    Stamp tax on original issue of certificate of stock
SEC. 176.    Stamp tax on sales, agreements to sell, memoranda of sales, deliveries or
                    transfer of due-bills, certificates of obligation, or shares or certificates of stock
SEC. 177.    Stamp tax on bonds, debentures, certificates of stock or indebtedness issued
                   in foreign countries
SEC. 178.    Stamp tax on certificates of profits or interest in property or accumulations
SEC. 179.    Stamp tax on bank checks, drafts, certificates of deposit not bearing interest,
                   and other instruments
SEC. 180.    Stamp tax on all bonds, loan agreements, promissory notes, bills of exchange,
                    drafts, instruments and securities by the Government or any or
                    instrumentalities, deposit substitute debt instruments, certificates of deposits
                    bearing interest and others not payable on sight or demand
SEC. 181.    Stamp tax upon acceptance of bills of exchange and other
SEC. 182.    Stamp tax on foreign bills of exchange and letters of credit
SEC. 183.    Stamp tax on life insurance policies
SEC. 184.    Stamp tax on policies of insurance upon property
SEC. 185.    Stamp tax on fidelity bonds and other insurance policies
SEC. 186.    Stamp tax on policies of annuities and pre-need plans
SEC. 187.    Stamp tax on indemnity bond
SEC. 188.    Stamp tax on certificates
SEC. 189.    Stamp tax on warehouse receipts
SEC. 190.    Stamp tax on jai-alai, horse race tickets, lotto or other authorized numbers
                    games
SEC. 191.    Stamp tax on bills of lading or receipts
SEC. 192.    Stamp tax on proxies
SEC. 193.    Stamp tax on power of attorney
SEC. 194.    Stamp tax on leases and other hiring agreements
SEC. 195.    Stamp tax on mortgages, pledges and deeds of trust
SEC. 196.    Stamp tax on deeds of sale and conveyance of real property
SEC. 197.    Stamp tax on charter parties and similar instruments
SEC. 198.    Stamp tax on assignments and renewals of certain instruments
SEC. 199.    Documents and papers not subject to stamp tax
SEC. 200.    Payment of documentary stamp tax
                   (A) In general
                   (B) Time for filing and payment of the tax
                   (C) Where to file
                   (D) Exception
SEC. 201.    Effect of failure to stamp taxable document

TITLE VIII

REMEDIES

Chapter I

Remedies in General

SEC. 202. Final deed to purchaser

SEC. 203. Period of limitation upon assessment and collection

SEC. 204. Authority of the Commissioner to compromise, abate, and refund or credit

taxes

Chapter II

Civil Remedies for Collection of Taxes

SEC. 205. Remedies for the collection of delinquent taxes

SEC. 206. Constructive distraint of the property of a taxpayer

SEC. 207. Summary remedies

(A) Distraint of personal property

(B) Levy on real estate property

SEC. 208. Procedure for distraint and garnishment

SEC. 209. Sale of property distrained and disposition of proceeds

SEC. 210. Release of distrained property upon payment prior to sale

SEC. 211. Report of sale to Bureau of Internal Revenue

SEC. 212. Purchase by Government at sale upon distraint

SEC. 213. Advertisement and sale

SEC. 214. Redemption of property sold

SEC. 215. Forfeiture to Government for want of bidder

SEC. 216. Resale of real estate taken for taxes

SEC. 217. Further distraint or levy

SEC. 218. Injunction not available to restrain collection of tax

SEC. 219. Nature and extent of tax lien

SEC. 220. Form and mode of proceeding in actions arising under this Code

SEC. 221. Remedy for enforcement of statutory penal provisions

SEC. 222. Exceptions as to period of limitation of assessment and collection taxes

SEC. 223. Suspension of running of Statute of Limitations

SEC. 224. Remedy for enforcement of forfeitures

SEC. 225. When property to be sold or destroyed

SEC. 226. Disposition of funds recovered in legal proceedings or obtained from forfeitures

SEC. 227. Satisfaction of judgment recovered against any internal revenue officer

Chapter III

Protesting an Assessment, Refund, etc.

SEC. 228. Protesting of assessment

SEC. 229. Recovery of tax erroneously or illegally collected

SEC. 230. Forfeiture of cash refund and of tax credit

(A) Forfeiture of refund

(B) Forfeiture of tax credit

SEC. 231. Action to contest forfeiture of chattel

TITLE IX

COMPLIANCE REQUIREMENTS

Chapter I

Keeping of Books of Accounts and Records

SEC. 232. Keeping of books of accounts

(A) Corporations, companies, partnerships or persons required to keep books

of accounts

(B) Independent Certified Public Accountant defined

SEC. 233. Subsidiary books

SEC. 234. Language in which books are to be kept; translation

SEC. 235. Preservation of books of accounts and other accounting records

Chapter II

Administrative Provisions

SEC. 236. Registration requirements

(A) Requirements

(B) Annual registration fee

(D) Transfer of registration

(E) Other updates

(F) Cancellation of registration

(G) Persons commencing business

(H) Persons becoming liable to the value-added tax

(I) Optional registration of exempt person

(J) Supplying of Taxpayer Identification Number (TIN)

SEC. 237. Issuance of receipts or sales or commercial invoices

SEC. 238. Printing of receipts or sales or commercial invoices

SEC. 239. Sign to be exhibited by distiller, rectifier, compounder, repacker and wholesale

liquor dealer

SEC. 240. Sign to be exhibited by manufacturer of products of tobacco

SEC. 241. Exhibition of certificate of payment at place of business

SEC. 242. Continuation of business of deceased person

SEC. 243. Removal of business to other location

Chapter III

Rules and Regulations

SEC. 244. Authority of Secretary of Finance to promulgate rules and regulations

SEC. 245. Specific provisions to be contained in rules and regulations

SEC. 246. Non-retroactivity of rulings

TITLE X

STATUTORY OFFENSES AND PENALTIES

Chapter I

Additions to the Tax

SEC. 247. General provisions

SEC. 248. Civil penalties

SEC. 249. Interest

(A) In general

(B) Deficiency interest

(D) Interest on extended payment

SEC. 250. Failure to file certain information returns

SEC. 251. Failure of a withholding agent to collect and remit tax

SEC. 252. Failure of a withholding agent to refund excess withholding tax

Chapter II

Crimes, Other Offenses and Forfeitures

SEC. 253. General provisions

SEC. 254. Attempt to evade or defeat tax

SEC. 255. Failure to file return, supply correct and accurate information, pay tax, withhold

and remit tax and refund excess taxes withheld on compensation

SEC. 256. Penal liability of corporations

SEC. 257. Penal liability for making false entries, records or reports, or using falsified or fake

accountable forms

SEC. 258. Unlawful pursuit of business

SEC. 259. Illegal collection of foreign payments

SEC. 260. Unlawful possession of cigarette paper in bobbins or rolls, etc.

SEC. 261. Unlawful use of denatured alcohol

SEC. 262. Shipment or removal of liquor or tobacco products under false name or brand or

as an imitation of any existing or otherwise known product name or brand

SEC. 263. Unlawful possession or removal of articles subject to excise tax without

payment of the tax

SEC. 264. Failure or refusal to issue receipts or sales or commercial invoices, violations

related to the printing of such receipts or invoices, and other violations

SEC. 265. Offenses relating to stamps

SEC. 266. Failure to obey summons

SEC. 267. Declaration under penalties of perjury

SEC. 268. Other crimes and offenses

(A) Misdeclaration or misrepresentation of manufacturers subject ot excise tax

(B) Forfeiture of property used in unlicensed business or dies used for printing

used for printing false stamps, etc.

Chapter III

Penalties Imposed on Public Officers

SEC. 269. Violations committed by Government enforcement officers

SEC. 270. Unlawful divulgence of trade secrets

SEC. 271. Unlawful interest of revenue law enforcers in business

SEC. 272. Violation of withholding tax provision

SEC. 273. Penalty for failure to issue and execute warrant

Chapter IV

Other Penal Provisions

SEC. 274. Penalty for second and subsequent offenses

SEC. 275. Violation of other provisions of this Code or regulations in general

SEC. 276. Penalty for selling, transferring, encumbering or in any way disposing of

property placed under constructive distraint

SEC. 277. Failure to surrender property placed under distraint and levy

SEC. 278. Procuring unlawful divulgence of trade secrets

SEC. 279. Confiscation and forfeiture of the proceeds or instruments of crime

SEC. 280. Subsidiary penalty

SEC. 281. Prescription for violations of any provision of this Code

SEC. 282. Informer’s reward to persons instrumental in the discovery of violation of

the National Internal Revenue Code and in the discovery and seizure of

smuggled goods

TITLE XI

ALLOTMENT OF INTERNAL REVENUE

Chapter I

Disposition and Allotment of National Internal Revenue in General

SEC. 283. Disposition of national internal revenue

SEC. 284. Allotment for the Commission on Audit

SEC. 285. Allotment for the Bureau of Internal Revenue

Chapter II

Special Disposition of Certain National Internal

Revenue Taxes

SEC. 286.    Disposition of proceeds of insurance premium tax
SEC. 287.    Shares of Local Government Units in the proceeds from the development and
                    utilization of the national wealth
                    (A) Amount of share of local government units
                    (B) Share of the local governments from any government agency or
                           government-owned or controlled corporation
                    (C) Allocation of shares
SEC. 288.    Disposition of incremental revenues
                    (A) Incremental revenues from Republic Act. No. 7660
                    (B) Incremental revenues from Republic Act. No. 8240
SEC. 289.    Special financial support to beneficiary provinces producing Virginia tobacco

TITLE XII

OVERSIGHT COMMITTEE

SEC. 290. Congressional Oversight Committee

TITLE XIII

REPEALING PROVISIONS

SEC. 291. In general

TITLE XIV

FINAL PROVISIONS

SEC. 292. Separability clause

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