Republic Act No. 724, enacted on June 6, 1952, amends Section 7 of Republic Act No. 589, which pertains to the National Internal Revenue Code. This amendment extends the effectivity of increased tax rates stipulated in the original act until December 31, 1953, unless Congress explicitly decides to extend them further. The law emphasizes that these increased tax rates will revert to the previous rates post the expiration date unless continued by legislative action. The act took effect immediately upon approval.
June 6, 1952
REPUBLIC ACT NO. 724
AN ACT TO EXTEND THE EFFECTIVITY OF REPUBLIC ACT NUMBERED FIVE HUNDRED AND EIGHTY-NINE, BY AMENDING SECTION SEVEN THEREOF, ENTITLED "AN ACT TO AMEND SECTIONS ONE HUNDRED AND THIRTY-THREE, ONE HUNDRED AND THIRTY-FOUR, ONE HUNDRED AND THIRTY-FIVE, ONE HUNDRED AND THIRTY-SEVEN, ONE HUNDRED AND FORTY, AND ONE HUNDRED AND FORTY-SEVEN OF COMMONWEALTH ACT NUMBERED FOUR HUNDRED AND SIXTY-SIX, OTHERWISE KNOWN AS THE NATIONAL INTERNAL REVENUE CODE, AS AMENDED
SECTION 1. Section seven of Republic Act Numbered Five hundred and eighty-nine is amended to read as follows:
"SEC. 7. This Act shall take effect upon its approval but, unless otherwise expressly extended by Congress, the increased rates of tax provided for in this Act shall continue in force and effect only until December thirty-one, nineteen hundred and fifty-three, after which period the actual rates of tax shall again be in force."
SECTION 2. This Act shall take effect upon its approval.
Approved: June 6, 1952
Published in the Official Gazette, Vol. 48, No. 6, p. 2146 in June 1952