Article 91p. 91

NATIONAL INTERNAL REVENUE CODE TAXATION, TARIFF and CUSTOMS LAWS

[78] Now 12%

[79] As amended by RA 9337 .

[80] Republic Act No. 8761 , entitled " An Act Imposing the

VAT

on Certain Services Beginning January 1, 2001,

Amending for the Purpose Section 5 of RA 8424 and for

other Purposes, " was approved on February 1, 2001.

Republic Act No. 9010 , entitled " An Act to Further Defer

the Imposition of the VAT on Certain Services, Amending

for the purpose of Section 5 of RA 8424, as Amended by

RA 8761 ," was approved on February 27, 2001.

Republic Act No. 9238 , entitled " An Act Amending

Certain Sections of the NIRC of 1997, as Amended by

Excluding Several Services from the Coverage of the VAT

and Re-imposing the Gross Receipts Tax on Bank and

Non-bank Financial Intermediaries Beginning January 1,

2004 ," lapsed into law on February 5, 2004 without the

signature of the President, in accordance with Article VI,

Section 27 (1) of the 1987 Constitution.

Republic

Act No. 9337 , entitled " An Act Amending

Sections 27, 28, 34, 106, 107, 108, 109, 110, 111, 112, 114, 116, 117,

119, 121, 148, 151, 236, 237, and 288 of the NIRC of 1997, as

Amended, and for Other Purposes ," was approved on May

24, 2005. Its effectivity clause provides that it shall take

effect July 1, 2005 but due to a TRO issued by the

Supreme Court, the law took effect only on Nov. 1, 2005

when the TRO was finally lifted. But the increase of the

VAT rate from 10% to 12% took effect only beginning

February 1, 2006.

Republic Act No. 10001 , entitled " An Act Reducing the

Taxes

on Life Insurance Policies, Amending for this

Purpose Sections 123 and 183 of the NIRC of 1997, As

Amended ," was approved on February 23, 2010.

[81] As amended by RA 9337 , supra .

[82] As Amended by RA 10378 , supra .

[83] As amended by RA 9337 , supra .

[84] As originally amended by RA 9238 , supra , and as last

amended by RA 9337 , supra .

[85] RA 9238 , supra , re-imposed the gross receipts tax on

other non-bank financial intermediaries which includes

pawnshops beginning January 1, 2004.

[86] As amended by RA 9238 and RA 9337 , supra .

[87] As amended by RA 10001 , supra .

[88] Republic Act No. 9224 , entitled " An Act Rationalizing

the

Excise

Tax

on

Automobiles,

Amending

for

the

Purpose the NIRC of 1997, and for Other Purposes " was

approved on August 29, 2003.

Republic Act No. 9334 , entitled " An Act Increasing the

Excise

tax

Rates

Imposed

on Alcohol and Tobacco

Products, Amending for the Purpose Sec. 131, 141, 142, 143,

144, 145 and 288 of the NIRC of 1997, as Amended ," was

approved on December 21, 2004 and took effect on

January 1, 2005.

Republic Act No. 9337 , entitled " An Act Amending Secs.

27, 28, 34, 106, 107, 108, 109, 110, 111, 112, 113, 114, 116, 117, 119,

121, 148, 151, 236, 148, 151, 236, 237 and 288 of the NIRC of

1997,

as

Amended,

and

for

Other

Purposes, "

was

approved on May 24, 2005. Its effectivity clause provides

that it shall take effect July 1, 2005 but due to a TRO

issued by the Supreme Court, the law took effect only on

November 1, 2005 when the TRO was finally lifted. But the

increase of the VAT rate form 10% to 12% took effect only

beginning February 1, 2006.

[89] As amended by RA 9334 , supra and RA 10351 entitled,

An Act Restructuring the Excise Tax on Alcohol and

Tobacco Products by Amending Sections 141, 142, 143, 144,

145, 8, 131 and 288 of Republic Act No. 8424 . Otherwise

Known as the National Internal Revenue Code of 1997, as

amended by Republic Act No. 9334 , and for Other

Purposes approved on December 19, 2012.

[90] As amended by RA 9334 , supra and RA 10351 , supra .

[91] As amended by RA 9334 , supra and RA 10351 , supra .

[92] As amended by RA 9334 , supra and RA 10351 , supra .

[93] As amended by RA 9334 , supra and RA 10351 , supra .

[94] As amended by RA 9334 , supra and RA 10351 , supra .

[95] As amended by RA 10378 , supra .

[96] Republic Act no. 9334 , entitled " An Act Increasing the

Excise

Tax

Rates

imposed

on Alcohol and tobacco

Products, Amending for the Purpose Sections 131, 141,142,

144, and 288 of the NIRC of 1997, as amended ," was

approved on December 21, 2004 and took effect on

January 1, 2005.

Republic Act No. 9334 , entitled " An Act Amending

Section 27, 28, 34, 106, 107, 108, 109, 110, 111, 112, 113, 114, 116,

117, 119, 121, 148, 151, 236, 237, and 288 of the NIRC of 1997, as

Amended, and for other Purposes " was approved on May

24, 2005. Its affectivity clause provides that it shall take

effect July 1, 2005 but due to TRO issued by the Supreme

Court, the law took effect November 1, 2005 when the

TRO was finally lifted. But the increase of the VAT rate

from 10% to 12% took effect only beginning February 1,

2006.

Republic

Act

No.

10026 ,

entitled " An Act Granting

Income

Tax

Exemption

to

Local

Water Districts by

Amending Section 27(C) of the NIRC of 1997, As Amended,

and Adding Section 289-A to the Code for the Purpose ,"

was approved on March 21, 2010 without the signature of

the President in accordance with Article VI, Section 27(1)

of the Constitution.

[97] The Act referred to is RA 10026 , supra .

[98] Ibid .

[99] Ibid .

RA No 10708 | The Tax Incentives

Management and Transparency Act

(TIMTA)

Rules and Regulations Implementing the TIMTA

December 9, 2015

AN ACT ENHANCING TRANSPARENCY IN THE

MANAGEMENT AND ACCOUNTING OF TAX INCENTIVES

ADMINISTERED BY INVESTMENT PROMOTION

AGENCIES

Be

it

enacted

by

the

Senate

and

House

of

Representatives

of

the

Philippines

in

Congress

assembled:

SECTION 1. This Act shall be known as “The Tax Incentives

Management and Transparency Act (TIMTA)” .

SECTION 2. Declaration of Policy. — It is hereby declared

the policy of the State to promote fiscal accountability

and transparency in the grant and management of tax

incentives by developing means to promptly measure the

government’s fiscal exposure on these grants and to

enable the government to monitor, review, and analyze

the economic impact thereof and thereby optimize the

social benefit of such incentives.

SECTION 3. Definition of Terms. — As used in this Act:

a. Investment Promotion Agencies (IPAs) shall refer to

government entities created by law, executive order,

decree

or

other

issuance,

in

charge

of

promoting

investments, administering tax and non-tax incentives,

and/or

overseeing

the

operations

of

the

different

economic zones and freeports in accordance with their

respective

charters.

These

include

the

Board

of

Investments (BOI), Philippine Economic Zone Authority

(PEZA), Bases Conversion and Development Authority

(BCDA), Subic Bay Metropolitan Authority (SBMA), Clark

Development Corporation (CDC), John Hay Management

Corporation

(JHMC),

Poro

Point

Management

© Compiled by RGL

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