AN ACT TO AMEND SECTION THREE OF REPUBLIC ACT NUMBERED SIX HUNDRED, ENTITLED "AN ACT TO PRESCRIBE A GRADUATED SCALE FOR THE INCOME TAX ON CORPORATIONS BY AMENDING SECTIONS TWENTY-FOUR AND FIFTY-FOUR OF COMMONWEALTH ACT NUMBERED FOUR HUNDRED AND SIXTY-SIX, OTHERWISE KNOWN AS THE NATIONAL INTERNAL REVENUE CODE, AS AMENDED, AND FOR OTHER PURPOSES
Year:
1956
Category:
Other
Date Approved:
June 16, 1956
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.
Republic Act No. 1505 amends Section Three of Republic Act No. 600 to make the graduated scale for the income tax on corporations permanent. This law ensures that the tax rates established by the previous act remain in effect without expiration.Full Text
REPUBLIC ACT No. 1505
AN ACT TO AMEND SECTION THREE OF REPUBLIC ACT NUMBERED SIX HUNDRED, ENTITLED "AN ACT TO PRESCRIBE A GRADUATED SCALE FOR THE INCOME TAX ON CORPORATIONS BY AMENDING SECTIONS TWENTY-FOUR AND FIFTY-FOUR OF COMMONWEALTH ACT NUMBERED FOUR HUNDRED AND SIXTY-SIX, OTHERWISE KNOWN AS THE NATIONAL INTERNAL REVENUE CODE, AS AMENDED, AND FOR OTHER PURPOSES," TO MAKE THE RATES PRESCRIBED THEREIN PERMANENT.
Section 1. Section three of Republic Act Numbered Six hundred, as amended by Republic Act Numbered Eight hundred and sixty-eight, Republic Act Numbered One thousand sixty-five, and Republic Act Numbered One thousand two hundred ninety-one, is further amended to read as follows:
Section 2. This Act shall take effect upon its approval.
Approved: June 16, 1956
"Sec. 3. The provisions of this Act shall apply to income received from January first, nineteen hundred and fifty- one."
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Republic Acts are laws passed by the Congress of the Philippines. This content is sourced from LawPhil (lawphil.net) for reference purposes. For official and authoritative texts, please refer to the Official Gazette.