Amending Subsection (D) of Section 24 of the National Internal Revenue Code
Presidential Decree No. 402, enacted on March 1, 1974, amends subsection (d) of Section 24 of the National Internal Revenue Code to promote economic development and attract capital investments. The amendment establishes an 8.75% tax rate on dividends received by domestic or resident foreign corporations from domestic corporations subject to tax under this Code. This decree supersedes any inconsistent laws, rules, or regulations and takes effect immediately. The action reflects the government's effort to adapt tax policies to support a growing economy.
Law Information
- Reference Number
- Presidential Decree No. 402
- Date Enacted
- Category
- Presidential Issuances
- Subcategory
- Presidential Decrees
- Jurisdiction
- Philippines
- Enacting Body
- Congress of the Philippines
Full Law Text
March 1, 1974
PRESIDENTIAL DECREE NO. 402
AMENDING SUBSECTION (d) OF SECTION 24 OF THE NATIONAL INTERNAL REVENUE CODE, AS AMENDED BY PRESIDENTIAL DECREE NO. 369
WHEREAS, it is necessary to further amend the National Internal Revenue Code, as amended, in order to make it responsive to the requirements of the developing economy and encourage more capital investments for large projects; aisa dc
NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines, by virtue of the powers vested in me by the Constitution as Commander-in-Chief of all the Armed Forces of the Philippines, and pursuant to Proclamation No. 1081, dated September 21, 1972, and General Order No. 1, dated September 22, 1972, as amended, do hereby decree and order as follows:
SECTION 1. Subsection (d) of Section 24 of the National Internal Revenue Code, as amended by Presidential Decree No. 369, is hereby further amended to read as follows: aisa dc
"(d) Rate of tax on certain dividends. — Dividends received by a domestic or resident foreign corporation from a domestic corporation liable to tax under this Code shall be subject to tax at 8.75% on the total amount thereof, which shall be collected and paid as provided in Sections 53 and 54 of this Code."
SECTION 2. All laws, rules and regulations which are inconsistent herewith are hereby repealed, modified and/or amended accordingly.
SECTION 3. This Decree shall take effect immediately.
DONE in the City of Manila, this 1st day of March, in the year of Our Lord, Nineteen Hundred and Seventy-Four.
Cite This Law
Amending Subsection (D) of Section 24 of the National Internal Revenue Code, Presidential Decree No. 402, Mar 1, 1974 (Philippines)
Amending Subsection (D) of Section 24 of the National Internal Revenue Code, Presidential Decree No. 402 (Phil. 1974)
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