Republic Acts1 min read
Section 4Sec./Art. 4
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Section 22 of the National Internal Revenue Code of 1997, as amended, is hereby further amended to read as follows:
"Section 22. Definitions. - x x x
"(A) x x x
"(B) The term 'corporation' shall include one person corporations, partnerships, no matter how created or organized, joint-stock companies, joint accounts (cuentas en participation), associations, or insurance companies, but does not include general professional partnerships and a joint venture or consortium formed for the purpose of undertaking construction projects or engaging in petroleum, coal, geothermal and other energy operations pursuant to an operating consortium agreement under a service contract with the Government. 'General professional partnerships' are partnerships formed by persons for the sole purpose of exercising their common profession, no part of the income of which is derived from engaging in any trade or business.
"x x x."
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