The Tax Code: An Overview

The National Internal Revenue Code of 1997 (“NIRC”) is the basic law governing taxation by the national government. In addition to providing the organization and functions of the Bureau of Internal Revenue, the NIRC provides the imposition of the following taxes:

(1) income tax;

(2) estate tax;

(3) donor’s tax;

(4) value-added tax;

(5) excise tax; and

(6) documentary stamp tax.

The NIRC also provides the remedies available to the government in case of non-payment of a tax as well as the remedies available to a taxpayer who erroneously pays a tax or is being assessed a tax.

The NIRC was embodied in Republic Act No. 8424 (known as the Tax Reform Act of 1997), which introduced comprehensive amendments to the National Internal Revenue Code of 1977 (as embodied in Presidential Decree No. 1158). The NIRC became effective on January 1, 1998 (although the implementation of certain provisions, such as those relating to the imposition of value-added tax on certain services, were deferred to a later date).

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