Republic Acts1 min read
Section 6Sec./Art. 6
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Section 10 of Republic Act No. 7716 is hereby amended to read as follows:
"Section 10. 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(z) 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%) of his gross quarterly sales or receipts: Provided, That cooperatives shall be exempt from the three percent (3%) gross receipts tax herein imposed."
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