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REPUBLIC ACT NO. 8424
TAX REFORM ACT OF 1997
AN ACT AMENDING THE NATIONAL INTERNAL REVENUE CODE, AS AMENDED, AND FOR OTHER PURPOSES
Be it enacted by the Senate and House of Representatives of the Philippines in Congress assembled:
SECTION 1. Short Title - This Act shall be cited as the "Tax Reform Act of 1997".
SECTION 2. State Policy. – It is hereby declared the policy of the State to promote sustainable economic growth through the rationalization of the Philippine internal revenue tax system, including tax administration; to provide, as much as possible, an equitable relief to a greater number of taxpayers in order to improve levels of disposable income and increase economic activity; and to create a robust environment for business to enable firms to compete better in the regional as well as the global market, at the same time that the State ensures that Government is able to provide for the needs of those under its jurisdiction and care.
SECTION 3. Presidential Decree No. 1158, as amended by, among others, Presidential Decree No. 1994 and Executive Order No. 273, otherwise known as the National Internal Revenue Code, is hereby further amended.
NIRC Outline
TITLE I ORGANIZATION AND FUNCTION OF THE BUREAU OF INTERNAL REVENUE
TITLE II TAX ON INCOME
CHAPTER VII - ALLOWABLE DEDUCTIONS - A
CHAPTER VII - ALLOWABLE DEDUCTIONS - B
CHAPTER I - DEFINITIONS
CHAPTER II - GENERAL PRINCIPLES
CHAPTER III - TAX ON INDIVIDUALS
CHAPTER IV - TAX ON CORPORATIONS
CHAPTER V - COMPUTATION OF TAXABLE INCOME
CHAPTER VI - COMPUTATION OF GROSS INCOME
CHAPTER VII - ALLOWABLE DEDUCTIONS
CHAPTER VIII - ACCOUNTING PERIODS AND METHODS OF ACCOUNTING
CHAPTER IX - RETURNS AND PAYMENT OF TAX
CHAPTER X - ESTATES AND TRUSTS
CHAPTER XI - OTHER INCOME TAX REQUIREMENTS
CHAPTER XII - QUARTERLY CORPORATE INCOME TAX ANNUAL DECLARATION AND QUARTERLY PAYMENTS OF INCOME TAXES
CHAPTER XIII - WITHHOLDING ON WAGES
TITLE III ESTATE AND DONOR'S TAXES
CHAPTER I - ESTATE TAX
CHAPTER II - DONOR'S TAX
TITLE IV VALUE- ADDED TAX
CHAPTER I - IMPOSITION OF TAX
CHAPTER II - COMPLIANCE REQUIREMENTS
TITLE V OTHER PERCENTAGE TAXES
TITLE VI EXCISE TAXES ON CERTAIN GOODS
CHAPTER I - GENERAL PROVISIONS
CHAPTER II - EXEMPTION OR CONDITIONAL TAX-FREE REMOVAL OF CERTAIN ARTICLES
CHAPTER III- EXCISE TAX ON ALCOHOL PRODUCTS
CHAPTER IV - EXCISE TAX ON TOBACCO PRODUCTS
CHAPTER V - EXCISE TAX ON PETROLEUM PRODUCTS
CHAPTER VI – EXCISE TAX ON MISCELLANEOUS ARTICLES
CHAPTER VII – EXCISE TAX ON MINERAL PRODUCTS
CHAPTER VIII - ADMINISTRATIVE PROVISIONS REGULATING BUSINESS OF PERSONS DEALING IN ARTICLES SUBJECT TO EXCISE TAX
TITLE VII DOCUMENTARY STAMP TAX
TITLE VIII REMEDIES
CHAPTER I - REMEDIES IN GENERAL
CHAPTER II - CIVIL REMEDIES FOR COLLECTION OF TAXES
CHAPTER III – PROTESTING AN ASSESSMENT, REFUND, ETC.
TITLE IX COMPLIANCE REQUIREMENTS
CHAPTER I - KEEPING OF BOOKS OF ACCOUNTS AND RECORDS
CHAPTER II - ADMINISTRATIVE PROVISIONS
CHAPTER III - RULES AND REGULATIONS
TITLE X STATUTORY OFFENSES AND PENALTIES
CHAPTER I - ADDITIONS TO THE TAX
CHAPTER II - CRIMES, OTHER OFFENSES AND FORFEITURES
CHAPTER III - PENALTIES IMPOSED ON PUBLIC OFFICERS
CHAPTER IV - OTHER PENAL PROVISIONS
TITLE XI ALLOTMENT OF INTERNAL REVENUE
CHAPTER I - DISPOSITION AND ALLOTMENT OF NATIONAL INTERNAL REVENUE IN GENERAL
CHAPTER II - SPECIAL DISPOSITION OF CERTAIN NATIONAL INTERNAL REVENUE TAXES
TITLE XII OVERSIGHT COMMITTEE
TITLE XIII REPEALING PROVISIONS
TITLE XIV FINAL PROVISIONS
ANNEXES
Annex A-1
Annex A-2
Annex A-3
Annex A-4
Annex B
Annex C-1
Annex C-2
Annex D
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