Title XIII, Chapter I – General Provisions on Tax Incentives

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Title XIII – Tax Incentives Chapter I – General Provisions on tax Incentives Sec. 291. Scope and Coverage. – This Title shall cover all existing Investment Promotion Agencies as defined in this Code or related law unless otherwise specifically exempted from the coverage of this Code. The Investment Promotion Agencies shall maintain their functions and powers as provided under the special laws governing them except to the extend modified by the provisions of this Code: Notwithstanding the provision of this Section, the Department of Finance, the Bureau of Internal Revenue, and the Bureau of Customs shall retain their respective mandates, powers and functions as provided for under this Act and related laws. Sec. 292. Extent of Authority to Grant Tax Incentives. – The Fiscal Incentives Review Board, or the Investment Promotion Agencies, under a delegated authority from the Fiscal Incentives Review Board, shall grant the appropriate tax incentives provided in

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Title XII – Oversight Committee

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SECTION 290.  Congressional Oversight Committee. – A Congressional Oversight Committee, hereinafter referred to as the committee, is hereby constituted in accordance with the provisions of this Code. The Committee shall be composed of the Chairpersons of the Committee on Ways and Means of the Senate and House of Representatives and four (4) additional members from each house, to be designated by the Speaker of the House of Representatives and four (4) additional members from each house, to be designated by the Speaker of the House of Representatives and the Senate President, respectively. The Committee shall, among others, in aid of legislation: (1)        Monitor and ensure the proper implementation of Republic Act No. 8240; (2)        Determine that the power of the Commissioner to compromise and abate is reasonably exercised; (3)        Review the collection performance of the Bureau of Internal Revenue (4)        Review the implementation of the programs of the Bureau of

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Title XI, Chapter II – Special Disposition of Certain National Internal Revenue Taxes

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SECTION 286.  Disposition of Proceeds of Insurance Premium Tax. – Twenty-five percent (25%) of the premium tax collected under Section 123 of this Code shall accrue to the insurance Fund as contemplated in Section 418 0f Presidential Decree No. 612 which shall be used for the purpose of defraying the expenses of the Insurance Commission. The Commissioner shall turn over and deliver the said insurance Fund to the insurance Commissioner as soon as the collection is made. SECTION 287.  Shares of Local Government Units in the Proceeds from the Development and Utilization of the National Wealth. – Local government units shall have an equitable share in the proceeds derived from the utilization and development of the national wealth, within their respective areas, including sharing the same with the inhabitants by way of direct benefits. (A)       Amount of Share of Local Government Units. – Local government units shall, in addition to

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Title XI, Chapter I – Disposition and Allotment of National Internal Revenue, in General

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Title XI – Allotment of Internal Revenue Chapter I – Disposition and Allotment of National Internal Revenue, in General SECTION 283.  Disposition of National Internal Revenue. – National internal revenue collected and not applied as hereinabove provided or otherwise specially disposed of by law shall accrue to the National Treasury and shall be available for the general purposes of the Government, with the exception of the amounts set apart by way of allotment as provided for under Republic Act No. 7160, otherwise known as the Local Government Code of 1991. In addition to the internal revenue allotment as provided for in the preceding paragraph, fifty percent (50%) of the national taxes collected under Sections 106, 108 and 116 of this Code in excess of the increase in collections for the immediately preceding year shall be distributed as follows: (a)        twenty percent (20%) shall accrue to the city or municipality where

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Title X, Chapter IV – Other Penal Provisions

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SECTION 274.  Penalty for Second and Subsequent Offenses. – In the case of reincidence, the maximum of the penalty prescribed for the offense shall be imposed. SECTION 275.  Violation of Other Provisions of this Code or Rules and Regulations in General. – Any person who violates any provision of this Code or any rule or regulation promulgated by the Department of Finance, for which no specific penalty is provided by law, shall, upon conviction for each act or omission, be punished by a fine of not more than One thousand pesos (P1,000) or suffer imprisonment of not more than six (6) months, or both. SECTION 276.  Penalty for Selling, Transferring, Encumbering or in any way Disposing of Property Placed under Constructive Distraint. – Any taxpayer, whose property has been placed under constructive distraint, who sells, transfers, encumbers or in any way disposes of said property, or any part thereof, without

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Title X, Chapter III – Penalties Imposed on Public Officers

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SECTION 269.  Violations Committed by Government Enforcement Officers. – Every official, agent or employee of the Bureau of Internal Revenue or any other agency of the Government charged with the enforcement of the provisions of this Code, who is guilty of any of the offenses hereinbelow specified shall, upon conviction for each act or omission, be punished by a fine of not less than Fifty thousand pesos (P50,000) but not more than One hundred thousand pesos (P100,000) and suffer imprisonment of not less than ten (10) years but not more than (15) years but not more than (15) years and shall likewise suffer an additional penalty of perpetual disqualification to hold public office, to vote, and to participate in any public election: (a)        Extortion or willful oppression through the use of his office or willful oppression and harassment of a taxpayer who refused, declined, turned down or rejected any of

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Title X, Chapter II – Crimes, Other Offenses and Forfeitures

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SECTION 253.  General Provisions. – (a)        Any person convicted of a crime penalized by this Code shall, in addition to being liable for the payment of the tax, be subject to the penalties imposed herein: Provided, That payment of the tax due after apprehension shall not constitute a valid defense in any prosecution for violation of any provision of this Code or in any action for the forfeiture of untaxed articles. (b)       Any person who willfully aids or abets in the commission of a crime penalized herein or who causes the commission of any such offense by another shall be liable in the same manner as the principal. (c)        If the offender is not a citizen of the Philippines, he shall be deported immediately after serving the sentence without further proceedings for deportation. If he is a public officer or employee, the maximum penalty prescribed for the offense shall be

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Title X, Chapter I – Additions to Tax

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Title X – Statutory Offenses and Penalties Chapter I – Additions to Tax SECTION 247.  General Provisions. – (a)        The additions to the tax or deficiency tax prescribed in this Chapter shall apply to all taxes, fees and charges imposed in this Code. The amount so added to the tax shall be collected at the same time, in the same manner and as part of the Tax. (b)       If the withholding agent is the Government or any of its agencies, political subdivision or instrumentalities, or a government-owned or- controlled corporation, the employee thereof responsible for the withholding and remittance of the tax shall be personally liable for the additions to the tax prescribed herein. (c)        The term ‘person’, as used in this Chapter, includes an officer or employee of a corporation who as such officer, employee or member is under a duty to perform the act in respect of which

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Title IX, Chapter III – Rules and Regulations

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SECTION 244.  Authority of Secretary of Finance to Promulgate Rules and Regulations. – The Secretary of Finance, upon recommendation of the Commissioner, shall promulgate all needful rules and regulations for the effective enforcement of the provisions of this Code. SECTION 245.  Specific Provisions to be Contained in Rules and Regulations. – The rules and regulations of the Bureau of Internal Revenue shall, among other things, contain provisions specifying, prescribing or defining: (a)        The time and manner in which Revenue Regional Directors shall canvass their respective Revenue Regions for the purpose of discovering persons and property liable to national internal revenue taxes, and the manner in which their lists and records of taxable persons and taxable objects shall be made and kept; (b)       The forms of labels, brands or marks to be required on goods subject to an excise tax, and the manner in which the labeling, branding or marking shall

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Title IX, Chapter II – Administrative Provisions

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SEC. 236.         Registration Requirements. – (A)       Requirements. – Every person subject to any internal revenue tax shall register once with the appropriate Revenue District Officer: The registration shall contain the taxpayer’s name, style, place of residence, business and such other information as may be required by the Commissioner in the form prescribed therefor: Provided, That the Commissioner shall simplify the business registration and tax compliance requirements of self-employed individuals and/or professionals. A person maintaining a head office, branch or facility shall register with the Revenue District Officer having jurisdiction over the head office, branch or facility. For purposes of this Section, the term ‘facility’ may include but not limited to sales outlets, places of production, warehouses or storage places. (As amended by RA No. 10963 (December 19, 2017)).    Annual Registration Fee. -Repealed (B)       Registration of Each Type of Internal Revenue Tax. – Every person who is required to register

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