Condonation of Interest Payments, Penalties and Surcharges on Estate and Inheritance Taxes
Republic Act No. 1253, enacted on June 10, 1955, provides for the condonation of interest, penalties, and surcharges on estate and inheritance taxes owed by the estates of veterans, guerrillas, or victims of Japanese atrocities who died during the Japanese occupation, contingent upon the payment of the basic tax by December 31, 1955. If the basic tax is not paid by this deadline, the provisions of the Act do not apply. Any payments already made towards interest or penalties will not be refunded but will be credited towards the basic tax owed. The Act clarifies that it does not condone any other taxes.
Law Information
- Reference Number
- Republic Act No. 1253
- Date Enacted
- Category
- Statutes
- Subcategory
- Republic Acts
- Jurisdiction
- Philippines
- Enacting Body
- Congress of the Philippines
Full Law Text
June 10, 1955
REPUBLIC ACT NO. 1253
AN ACT CONDONING THE PAYMENT OF INTEREST, PENALTIES AND SURCHARGES ON ESTATE AND INHERITANCE TAXES DUE FROM THE ESTATE OF VETERANS, GUERRILLAS OR VICTIMS OF JAPANESE ATROCITIES WHO DIED DURING THE JAPANESE OCCUPATION SUBJECT TO CERTAIN CONDITIONS AND FOR OTHER PURPOSES
SECTION 1. The provisions of the National Internal Revenue Code to the contrary notwithstanding, the collection of interest, and/or penalties and surcharges due on inheritance and estate taxes from the estate of veterans, guerrillas or victims of Japanese atrocities who died during the Japanese occupation, from the time such interest, and or penalties and surcharges accrued up to actual payment, is hereby waived: Provided, however, That the basic tax is paid on or before December 31, 1955.
SECTION 2. Taxes remaining unpaid after said date shall not be covered by the provisions of this Act. cd i
SECTION 3. Payments already made in the concept of interest, and/or penalties and surcharges due on account of such inheritance and estate taxes shall not be reimbursed but shall be applied to the payment of the basic tax.
SECTION 4. Nothing in this Act shall be construed to mean the condonation of any tax of whatever nature. cdt
SECTION 5. This Act shall take effect upon its approval.
Approved: June 10, 1955
Published in the Official Gazette, Vol. 51, No. 6, p. 2817 in June 1955
Cite This Law
Condonation of Interest Payments, Penalties and Surcharges on Estate and Inheritance Taxes, Republic Act No. 1253, Jun 10, 1955 (Philippines)
Condonation of Interest Payments, Penalties and Surcharges on Estate and Inheritance Taxes, Republic Act No. 1253 (Phil. 1955)
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