>>>>N.I.R.C. of the Philippines Annotated [Paperbound]

N.I.R.C. of the Philippines Annotated [Paperbound]


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This latest edition is actually an offshoot of another clamor from law students and practitioners for an updated version of the National Internal Revenue Code, given the ever-changing environment of our tax system. Coupled with the acceptance by the public of the past two (2) editions of this book, which incidentally greatly humbles the author, the making of this 3rd edition proved to be not only dutiful but motivating as well.

In the 2008 revised edition, the provisions of tax laws enacted from years 2005 to 2007, amending part or parts of the Code were incorporated therein.

This 2011 edition contains laws enacted in the years 2008 to 2010. Among the laws referred to are the following:

1. Republic Act 9504 (June 17, 2008) — Amending Sections 22, 24, 34, 35, 51 and 79 of the NIRC

2. Republic Act 9648 (June 30, 2009) — An Act Exempting From Documentary Stamp Tax Any Sale, Barter or Exchange of Shares of Stock Listed and Traded Through The Stock Exchange

3. Republic Act 9994 (February 15, 2010) — An Act Granting Additional Benefi ts and Privileges to Senior Citizens, Further Amending Republic Act No. 7432, As Amended, Otherwise Known as “An Act to Maximize the Contribution of Senior Citizens to Nation Building, Grant Benefi ts and Special Privileges and for Other Purposes”

4. Republic Act 10001 (February 23, 2010) — An Act Reducing The Taxes On Life Insurance Policies Amending For This Purpose Sections 123 and 183 of the NIRC

5. Republic Act 10021 (March 5, 2010) — An Act To Allow The Exchange Of Information By The Bureau Of Internal Revenue On Tax Matters Pursuant To Internationally Agreed Tax Standards

6. Republic Act 10022 (March 8, 2010) — An Act Amending Republic Act No. 8042, Otherwise Known As The Migrant Workers And Overseas Filipinos Act of 1995, As Amended, Further Improving the Standard of Protection and Promotion of the Welfare of Migrant Workers, Their Families and Overseas Filipinos in Distress, and for Other Purposes

7. Republic Act 10026 (March 11, 2010) — An Act Granting Tax Exemption To Local Water Districts By Amending Section 27(C) Of The NIRC And Adding Section 289-A To The Code

8. Republic Act 10143 — Philippine Tax Academy Act

As in previous editions, the rationale for the enactment of a given law is explained in detail herein. The writer also supplied additional discussion on the notes after each provision to further understand the law.

Moreover, the Revenue Regulations issued by the Bureau of Internal Revenue (BIR) were included in order to explain in detail the implementation of the provisions of the Code.

I must acknowledge my indebtedness to the following individuals who shared with me their knowledge and insights as I worked to improve this book: Johann Guevarra, Sealteli Tesoro, Vivian Cabiling, Ma. Lucresia Mir, Rechilda Gascon, Atty. Emmanuel Alonzo, Elizabeth Agas and Clinton Martinez.

I also express my gratitude to the Senate President, Juan Ponce Enrile for promoting the author to his present position, Director General of STSRO on November 26, 2008; to Senator Panfi lo M. Lacson, former Chairman of the Committee on Ways and Means (Nov. 17, 2008 to June 30, 2010), and to the present Chairman, Senator Ralph G. Recto, Jr., for the opportunity of reviewing, assessing, improving and conducting an in-depth study on taxation.

This work is lovingly dedicated to my wife, Mariel, for her constant love and support as well as for prodding and inspiring me to revise this book. Together with our children, they will forever be my inspiration.

With the latest updates and corresponding comment and explanation of the author carefully integrated in this book, it is hoped yet again, that this will be a handy guide to bar reviewees, law students, accountants and practitioners.

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