Republic Acts1 min read
Section 10Sec./Art. 10
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Section 112 of the National Internal Revenue Code, as amended, is hereby further amended to read as follows:
"Section 112.Tax on persons exempt from value-added tax (VAT). Any person whose sales or receipts are exempt under Section 103(t) of this Code from the payment of value-added tax and who is not a VAT-registered person shall pay a tax equivalent to three percent (3%) upon the effectivity of this Act and four percent (4%) two (2) years thereafter, of his gross quarterly sales or receipts."
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