Republic Act No. 868, enacted on June 16, 1953, amends Section Three of Republic Act No. 600, which established a graduated income tax scale for corporations. The amendment specifies that the provisions of this act apply to income received from January 1, 1951, to December 31, 1954. After this period, the provisions of Republic Act No. 590, which further amends the National Internal Revenue Code, will take effect. The act became effective upon its approval and was published in the Official Gazette.
June 16, 1953
REPUBLIC ACT NO. 868
AN ACT TO AMEND SECTION THREE OF REPUBLIC ACT NUMBERED SIX HUNDRED, ENTITLED "AN ACT TO PRESCRIBE A GRADUATED SCALE FOR THE INCOME TAX ON CORPORATIONS BY AMENDING SECTIONS TWENTY-FOUR AND FIFTY-FOUR OF COMMONWEALTH ACT NUMBERED FOUR HUNDRED AND SIXTY-SIX, OTHERWISE KNOWN AS THE NATIONAL INTERNAL REVENUE CODE, AS AMENDED, AND FOR OTHER PURPOSES"
SECTION 1. Sections three of Republic Act Numbered Six hundred is amended to read as follows: cd i
"Sec. 3. The provisions of this Act shall apply to income received from January first, nineteen hundred and fifty-one to December thirty-one, nineteen hundred and fifty-four, after the expiration of which later date the provisions of Republic Act Numbered Five hundred and ninety amending sections twenty-four and fifty-four of the National Internal Revenue Code, as amended, shall be in full force and effect."
SECTION 2. This Act shall take effect upon its approval.
Approved: June 16, 1953
Published in the Official Gazette, Vol. 49, No. 6, p. 2146 in June 1953