AN ACT TO AMEND CERTAIN SECTIONS OF COMMONWEALTH ACT NUMBERED FOUR HUNDRED SIXTY-SIX, OTHERWISE KNOWN AS THE NATIONAL INTERNAL REVENUE CODE, AND FOR OTHER PURPOSES.

REPUBLIC ACT No. 3825

AN ACT TO AMEND CERTAIN SECTIONS OF COMMONWEALTH ACT NUMBERED FOUR HUNDRED SIXTY-SIX, OTHERWISE KNOWN AS THE NATIONAL INTERNAL REVENUE CODE, AND FOR OTHER PURPOSES.

Section 1. Subparagraph (1), paragraph (b) of Section twenty-four of the National Internal Revenue Code, as amended, is further amended to read as follows:

Section 2. Section fifty-four of the National Internal Revenue Code, as amended, is hereby further amended to read as follows:

"Sec. 54. Payment of corporation income tax at source. In the case of foreign corporations, subject to taxation under this Title not engage in trade or business within the Philippines and not having any office or place of business therein, there shall be deducted and withheld at the source in the same manner and upon the same items as is provided in Section fifty-three a tax equal to thirty per centum thereof, and such tax shall be returned and paid in the same manner and subject to the same conditions as provided in that section: Provided, however, That no such deduction or withholding shall be required in the case of reinsurance premiums ceded to foreign insurance corporations not engaged in trade or business in the Philippines and having no office or place of business therein."

Section 3. This Act shall take effect upon its approval.

Approved: June 22, 1963.