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Section 13. Section 116 of the National Internal Revenue Code of 1997, - Taxation Laws (compiled codal)

Section 13. Section 116 of the National Internal Revenue Code of 1997, of Taxation Laws (compiled codal). Section 13. Section 116 of the National Internal Revenue Code of 1997, as amended, is hereby further amended to read as follows: "SEC. 116. Tax o

  • Subjects 9 Bar syllabus groups
  • Codals 48 Primary legal sources

Taxation Laws (compiled codal)

Section 13. Section 116 of the National Internal Revenue Code of 1997, as amended, is hereby further amended to read as follows:

"SEC. 116. Tax on Persons Exempt from Value-Added Tax (VAT). - Any person whose sales or receipts are exempt under Section 109(CC) 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: Provided, further, That effective July 1, 2020 until June 30, 2023, the rates shall be one percent (1%).

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