An Act to Amend Sections Fourteen Hundred and Thirty-Five and Fourteen Hundred and Fifty-Eight of the Administrative Code Conferring Upon the Collector of Internal Revenue Certain Power Neccessary for the Collection of the Taxes, and for Other Purposes
Act No. 2892, enacted on February 24, 1920, amends specific sections of the Philippine Administrative Code to enhance the powers of the Collector of Internal Revenue in tax assessment and collection. It allows the Collector to assess taxes based on available evidence if required reports are missing or deemed inaccurate. Furthermore, if a taxpayer plans to leave the country or conceal assets, the Collector may declare taxes due immediately and demand payment. The act also stipulates that percentage taxes must be reported and paid quarterly, with penalties for late payments. This law aims to ensure efficient tax collection and compliance among businesses.
Quick Answers
- What is An Act to Amend Sections Fourteen Hundred and Thirty-Five and Fourteen Hundred and Fifty-Eight of the Administrative Code Conferring Upon the Collector of Internal Revenue Certain Power Neccessary for the Collection of the Taxes, and for Other Purposes about?
- Act No. 2892, enacted on February 24, 1920, amends specific sections of the Philippine Administrative Code to enhance the powers of the Collector of Internal Revenue in tax assessment and collection. It allows the Collector to assess taxes based on available evidence if required reports are missing or deemed inaccurate. Furthermore, if a taxpayer plans to leave the country or conceal assets, the Collector may declare taxes due immediately and demand payment. The act also stipulates that percentage taxes must be reported and paid quarterly, with penalties for late payments. This law aims to ensure efficient tax collection and compliance among businesses.
- What type of law is Act No. 2892?
- An Act to Amend Sections Fourteen Hundred and Thirty-Five and Fourteen Hundred and Fifty-Eight of the Administrative Code Conferring Upon the Collector of Internal Revenue Certain Power Neccessary for the Collection of the Taxes, and for Other Purposes (Act No. 2892) is a Philippine Statutes enacted by the Congress of the Philippines.
- When was An Act to Amend Sections Fourteen Hundred and Thirty-Five and Fourteen Hundred and Fifty-Eight of the Administrative Code Conferring Upon the Collector of Internal Revenue Certain Power Neccessary for the Collection of the Taxes, and for Other Purposes enacted?
- An Act to Amend Sections Fourteen Hundred and Thirty-Five and Fourteen Hundred and Fifty-Eight of the Administrative Code Conferring Upon the Collector of Internal Revenue Certain Power Neccessary for the Collection of the Taxes, and for Other Purposes (Act No. 2892) was enacted on Feb 24, 1920.
- What is the citation for An Act to Amend Sections Fourteen Hundred and Thirty-Five and Fourteen Hundred and Fifty-Eight of the Administrative Code Conferring Upon the Collector of Internal Revenue Certain Power Neccessary for the Collection of the Taxes, and for Other Purposes?
- An Act to Amend Sections Fourteen Hundred and Thirty-Five and Fourteen Hundred and Fifty-Eight of the Administrative Code Conferring Upon the Collector of Internal Revenue Certain Power Neccessary for the Collection of the Taxes, and for Other Purposes, Act No. 2892, Feb 24, 1920 (Philippines)
Law Information
- Reference Number
- Act No. 2892
- Date Enacted
- Category
- Statutes
- Subcategory
- Acts
- Jurisdiction
- Philippines
- Enacting Body
- Congress of the Philippines
Full Law Text
February 24, 1920
ACT NO. 2892
AN ACT TO AMEND SECTIONS FOURTEEN HUNDRED AND THIRTY-FIVE AND FOURTEEN HUNDRED AND FIFTY-EIGHT OF THE ADMINISTRATIVE CODE CONFERRING UPON THE COLLECTOR OF INTERNAL REVENUE CERTAIN POWER NECCESSARY FOR THE COLLECTION OF THE TAXES, AND FOR OTHER PURPOSES
SECTION 1. Section fourteen hundred and thirty-five of the Administrative Code is hereby amended to read as follows:
"SEC. 1435. Power of Collector of Internal Revenue in making assessments. — When a report required by law as a basis for the assessment of any tax shall not be forthcoming within the time fixed by law or regulation, or when there is reason to believe that any such report is false, incomplete or erroneous, the Collector of Internal Revenue shall assess the proper tax on the best evidence obtainable.
"When it shall come to the knowledge of the Collector of Internal Revenue that a taxpayer is retiring from the business subject to taxation or intends to leave the Philippine Islands, or remove his property therefrom, or hide or conceal his property, or perform any act tending to obstruct the proceedings for collecting the tax for the past or current quarter or year render the same totally or partly inefficient, unless such proceedings are begun immediately, the Collector of Internal Revenue shall declare the tax period of such taxpayer due at any time and shall send the taxpayer a notice of such decision, together with a request for the immediate payment of the tax for the tax period so declared due and the tax for the preceding year or quarter, or such portion thereof as may be unpaid, and said taxes shall be due and payable immediately and shall be subject to all the penalties hereafter prescribed, unless paid within the time fixed in the request of the Collector of Internal Revenue."
SECTION 2. Section fourteen hundred and fifty-eight of the same Code is likewise amended, to read as follows:
"SEC. 1458. Payment of percentage taxes — Quarterly report of earnings. — The percentage taxes on business shall be payable at the end of each calendar quarter in the amount lawfully due on the business transacted during each quarter; and it shall be the duty of every person conducting a business subject to such tax, within the same period as is allowed for the payment of the quarterly installment of the fixed taxes without penalty, to make a true and complete return of the amount of the receipts or earrings of his business during the preceding quarter and pay the tax due thereon: Provided, however, That it shall be the duty of any person retiring from a business subject to the percentage tax before the expiration of the calendar quarter to notify the nearest internal-revenue officer thereof, file his declaration, and pay the tax due on his business immediately after closing the same.
"If the percentage tax on any business is not paid within the time prescribed above the amount of the tax shall be increased by twenty-five per centum, the increment to be a part of the tax." TIADCc
SECTION 3. This Act shall take effect on its approval.
Approved, February 24, 1920.
Cite This Law
An Act to Amend Sections Fourteen Hundred and Thirty-Five and Fourteen Hundred and Fifty-Eight of the Administrative Code Conferring Upon the Collector of Internal Revenue Certain Power Neccessary for the Collection of the Taxes, and for Other Purposes, Act No. 2892, Feb 24, 1920 (Philippines)
An Act to Amend Sections Fourteen Hundred and Thirty-Five and Fourteen Hundred and Fifty-Eight of the Administrative Code Conferring Upon the Collector of Internal Revenue Certain Power Neccessary for the Collection of the Taxes, and for Other Purposes, Act No. 2892 (Phil. 1920)
Related Laws
- An Act to Amend Certain Sections of the Administrative Code Relative to the Taxes on Inheritances, and for Other PurposesAct No. 3031 • Mar 9, 1922 • Statutes
- An Act to Amend Section Fourteen Hundred and Ninety-Five of Act Numbered Twenty-Seven Hundred and Eleven, Known as the Administrative Code, as Amended by Acts Numbered Thirty-Two Hundred and Forty-Eight, Thirty-Two Hundred and Seventy-Four, Thirty-Five Hundred and Twenty-Six and Forty Hundred and Fifty-Eight, Levying a Specific Tax on Motor Spirits and Allotting the Proceeds for the Maintenance, Improvement and Construction of HighwaysCommonwealth Act No. 122 • Nov 3, 1936 • Statutes
- An Act to Amend Act Numbered Twenty-Three Hundred and Thirty-Nine, Known as the Internal Revenue Law of Nineteen Hundred and Fourteen, by Changing the Rates of Taxes and Additional Taxes, Creating New Taxes, Abolishing Others, and for Other PurposesAct No. 2541 • Dec 21, 1915 • Statutes
- An Act Appropriating the Sum of Fourteen Billion Four Hundred Fifty-Five Million Pesos (P14,455,000,000) for the Increased Share in 1997 of Local Government Units in the National Internal Revenue Taxes and for Other PurposesRepublic Act No. 8245 • Dec 30, 1996 • Statutes
- An Act to Amend Sections Fourteen Hundred and Fifty-Seven and Fourteen Hundred and Fifty-Nine of the Administrative Code, as Amended by Commonwealth Act Numbered Two Hundred and FifteenCommonwealth Act No. 243 • Dec 10, 1937 • Statutes
- An Act to Amend Several Sections of Act Numbered Twenty-Eight Hundred and Thirty-Three, Increasing the Normal and Additional Tax Rates, and for Other PurposesAct No. 2926 • Mar 26, 1920 • Statutes
Browse More Statutes
Explore other laws in the Statutes category.
View All StatutesNeed Help Understanding This Law?
Ask our AI assistant to explain provisions, implications, or related laws.
Ask AI About This Law