Republic Act No. 1983
Year:
1957
Category:
Other
Date Approved:
June 22, 1957
Summary
Plain-language AI-assisted summary — not the official text. As of July 1, 2026. Read the full text below or on the official source.
This Act amends Section 56 of Commonwealth Act No. 466, which pertains to the imposition of tax on income from estates and trusts. It clarifies the application of tax and exceptions for employees' trusts, ensuring proper taxation of income accumulated in trust for beneficiaries.Full Text
REPUBLIC ACT No. 1983
AN ACT TO AMEND SECTION FIFTY-SIX OF COMMONWEALTH ACT NUMBERED FOUR HUNDRED SIXTY-SIX, OTHERWISE KNOWN AS THE NATIONAL INTERNAL REVENUE CODE.
Section 1. Section fifty-six of Commonwealth Act Numbered Four hundred sixty-six is hereby amended to read as follows:
"Sec. 56. Imposition of tax. (a) Application of tax. The taxes imposed by this Title upon individuals shall apply to the income of estates or of any kind of property held in trust, including
Section 2. This Act shall take effect upon its approval, but shall apply to income received from January first, nineteen hundred and fifty-seven.
Approved: June 22, 1957
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