R.A. 2698
Year:
1960
Category:
Other
Date Approved:
June 18, 1960
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 the provisions regarding the depletion allowance for oil and gas wells and mines under the National Internal Revenue Code. It specifies the percentages for depletion based on the type of resource and establishes conditions for nonresident aliens or foreign corporations.Full Text
REPUBLIC ACT No. 2698
AN ACT AMENDING PARAGRAPH (g) OF SECTION THIRTY OF COMMONWEALTH ACT NUMBERED FOUR HUNDRED AND SIXTY-SIX, AS AMENDED, OTHERWISE KNOWN AS THE NATIONAL INTERNAL REVENUE CODE.
Section 1. Paragraph (g) of Section thirty of Commonwealth Act Numbered Four hundred and sixty-six, as amended, is hereby amended to read as follows:
"(g) Depletion of oil and gas wells and mines:
Section 2. This Act shall take effect upon its approval.
Approved: June 18, 1960
Share
PDF Document
Source
Official source from LawPhil:
View on LawPhil Last updated: Jul 1, 2026About
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.