REPUBLIC ACT NO. 2344 - AN ACT TO
FURTHER AMEND THE FIRST PARAGRAPH OF Sec. ONE HUNDRED EIGHTY- NINE OF
THE NATIONAL INTERNAL REVENUE CODE |
Section 1. The first paragraph of section on hundred
eighty-nine of Commonwealth Act Numbered Four hundred sixty-six,
otherwise known as the National Internal Revenue Code, as amended, is
further amended to read as follows: "Section 189.
Percentage tax upon proprietors or operators of rope factories, sugar
centrals, rice mills, coconut oil mills, corn mills, and desiccated
coconut factories.-Proprietors or operators of rope factories, sugar
centrals, rice mills, coconut oil mills, corn mills and desiccated
coconut factories shall pay a tax equivalent to two per centum of the
gross value in money of all the rope, sugar, rice, coconut oil, ground
or milled corn, and desiccated coconut manufactured or milled by them,
including the by-products of the raw materials from which the said
articles are produced or manufactured, such tax to be based on the
actual selling price or market value of these articles at the time they
leave the factory or mill warehouse: Provided, however, That this tax
shall not apply to ropes, coconut oil, and the by-products of copra
from which it is produced or manufactured, and desiccated coconuts, if
such ropes, oil, copra by products and desiccated coconuts shall be
removed for exportation and are actually exported without returning to
the Philippines, whether so exported in their original state, or as an
ingredient or part of any manufactured article or product." Sec. 2. This Act shall take effect upon its approval.cralaw Approved: June 20, 1959 |