Make your own free website on Tripod.com
CHAN ROBLES AND ASSOCIATES LAW FIRM - Welcome to the Home of the Philippine On-Line Legal Resources
 
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
 
AN ACT AMENDING THE NATIONAL INTERNAL REVENUE CODE, AS AMENDED,
AND FOR OTHER PURPOSES
 
TITLE XIV
FINAL PROVISIONS
 

SEC. 292. Separability Clause. - If any clause, sentence, paragraph or part of this Code shall be adjudged by any Court of competent jurisdiction to be invalid, such judgment shall not affect, impair or invalidate the remainder of said Code, but shall be confined in its operation to the clause, sentence, paragraph or part thereof directly involved in the controversy.
 

 
SEC. 4. The Secretary of Finance shall, upon recommendation of the Commissioner of Internal Revenue, promulgate and publish the necessary rules and regulations for the effective implementation of this Act.
 
SEC. 5. Transitory Provisions. - Deferment of the Effectivity of the Imposition of VAT on Certain Services. - The effectivity of the imposition of the value-added tax on services as prescribed in Section 17(a) and (b) of Republic Act No. 7616, as amended by Republic Act. 8241, is hereby further deferred until December 31, 1999, unless Congress deems otherwise: Provided, That the said services shall continue to pay the applicable tax prescribed under the present provisions of the National Internal Revenue Code, as amended.
 
SEC. 6. Separability Clause. - If any provision of this Act is subsequently declared unconstitutional, the validity of the remaining provisions hereof shall remain in full force and effect.
 
SEC. 7. Repealing Clauses. -

(A) The provision of Section 17 of Republic Act No. 7906, otherwise known as the "Thrift Banks Act of 1995" shall continue to be in force and effect only until December 31, 1999.

Effective January 1, 2000, all thrift banks, whether in operation as of that date or thereafter, shall no longer enjoy tax exemption as provided under Section 17 of R. A. No. 7906, thereby subjecting all thrift banks to taxes, fees and charges in the same manner and at the same rate as banks and other financial intermediaries.

(B)  The provisions of the National Internal Revenue Code, as amended, and all other laws, including charters of government-owned or controlled corporations, decrees, orders, or regulations or parts thereof, that are inconsistent with this Act are hereby repealed or amended accordingly.
 
SEC. 8. Effectivity. - This Act shall take effect on January 1, 1998.

Back to Top  -  Back to Home  -  Back to Tax Index  -  Back to NIRC Index
 
URL : http://www.chanrobles.com/legal6title50.htm
 Copyright ©1998 by ChanRobles Publishing Company 
 All Rights Reserved 
A production of The ChanRobles Group
Questions and comments mailto: 
cralaw@vasia.com or jgc@chanrobles.com 
Designed & Maintained by: 
Harvard Computer Systems, Inc. 
contents disclaimer   e-mail restriction 
[Our site works best at 800x600 resolution with Netscape]
     
Since 19.07.98