Additional Codes in the Income Tax Group for Foreign Corporations for Inclusion in the Tax Numeric Codes Handbook

March 5, 1974 REVENUE MEMORANDUM ORDER NO. 14-74 SUBJECT : Additional Codes in the Income Tax Group for Foreign Corporations for Inclusion in the Tax Numeric Codes Handbook TO : All Internal Revenue Officials and Others Concerned This Order is issued prescribing the use of the following additional codes for inclusion in the Income Tax Group for Foreign Corporations in the Tax Numeric Codes Handbook. INCOME TAX-Foreign Corporations 04-0216 Cinematographic film owners, lessors, distributors, on gross income 15% 04-0218 International carriers, on gross Philippine billings 2% Pertinent portions of Section 24 of the National Internal Revenue Code (as amended by PD No. 69) are quoted hereunder for reference: "Sec. 24 (b) Tax on foreign corporations . (1) Non-resident corporations . A foreign corporation not engaged in trade or business in the Philippines . . . shall pay a tax . . . during each taxable year from all sources within the Philippines . . . Provided, further, That cinematographic film owners, lessors or distributors shall pay a tax of fifteen per cent on their gross income." (2) Resident corporations . A corporation organized, authorized, or existing under the laws of any foreign country . . . shall be taxable upon the total net income from all sources within the Philippines; Provided, however, That international carriers shall pay a tax of two and one half per cent on their gross Philippine billings." All concerned are hereby instructed to insert in their corresponding Tax Numeric Code Handbook, the above stated new codes for easy reference. This Order takes effect immediately. MISAEL P. VERA Commissioner of Internal Revenue TAN 1601-593-5