>>>NIRC of the Phils (PAPERBOUND)

NIRC of the Phils (PAPERBOUND)

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As amended: ANNOTATED
4th Revised Edition, Year 2016
• All laws amending the NIRC from 1998 to 2016
• Revenue Regulations Up to 2016, Implementing the Provisions of the Code

by Rodelio Dascil

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NIRC of the Phils (PAPERBOUND)

NIRC of the Phils (PAPERBOUND)

As amended: ANNOTATED
4th Revised Edition, Year 2016

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The Congress of the Philippines enacted a most relevant tax statute in Republic Act No. 10351, also known as the “Sin Tax Reform Act of 2012”. It was approved by President Benigno “Noy” Aquino III on December 19, 2012 and it heralds not only additional government revenue estimated at P33.96 billion, it will also induce countless Filipinos to shun smoking and excessive drinking since the prices of cigarettes and alcohol will increase due to taxes.

Likewise, to attract more tourists and to grant reprieve to international carriers, Congress enacted Republic Act No. 10378, “Act Recognizing The Principle Of Reciprocity As Basis For The Grant Of Income Tax Exemptions To International Carriers And Rationalizing Other Taxes Imposed Thereon By Amending Sections 28(A)(3)(A), 109, 118 and 236 Of The National Internal Revenue Code (NIRC), As Amended, And For Other Purposes”. Republic Act No. 10378 was approved by the President on March 7, 2013.

During the 16th Congress (July 22, 2013 to June 6, 2016), the legislature crafted equally relevant tax statutes, to wit:

1. Republic Act No. 10653, “An Act Adjusting The 13th Month Pay And Other Benefits Ceiling Excluded From The Computation Of Gross Income For Purposes Of Income Taxation, Amending For The Purpose Section 32(B), Chapter VI Of The National Internal Revenue Code Of 1997, As Amended”;

2. Republic Act No. 10708, “An Act Enhancing Transparency In The Management And Accounting Of Tax Incentives Administered By Investment Promotion Agencies”

3. Republic Act No. 10754, “An Act Expanding the Benefits and Privileges of Persons With Disability (PWD)”;

4. Republic Act No. 10863, “An Act Modernizing the Customs and Tariff Administration”;

5. Republic Act No. 10864, “An Act Defining Raw Sugar Or Raw Cane Sugar, Amending Section 109(A) And (F) Of The National Internal Revenue Code Of 1997, As Amended, And For Other Purposes”.

It is in this regard that the author deemed it necessary to revise his 2011 edition of the National Internal Revenue Code of the Philippines, As Amended, to include the above-mentioned statutes and the amendments. Said laws put forth such as but not limited to excise taxes on distilled spirits, wines, fermented liquors, cigars, cigarettes, the benefits for enjoyment of persons with disabilities the rule on the 13th month pay and other tax updates from 2011 to 2016..

Moreover, recent Bureau of Internal Revenue issuances are also cited in the annotations of this book to crystallize even further the developments in our system of taxation.

It is then the intention of the author to equip bar reviewees, law students, accountants, and practitioners with the knowledge on the latest changes in our country’s tax landscape to guide them in their respective practices and interests.

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