Republic Acts1 min read
Section 7Sec./Art. 7
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Tax Deduction. -The public transportation utility operator may claim as tax deduction the student fare discount herein granted based on the cost of the services rendered: Provided, That the cost of the discount shall be allowed as deduction from gross income for the same taxable year that the discount is granted: Provided, further, That the total amount of the tax deduction net of value-added tax, if applicable, shall be included in their gross sales receipts for tax purposes and shall be subject to proper documentation and to the provisions of the National Internal Revenue Code, as amended.
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