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Section 38. Section 116 of the NIRC, as amended, is hereby further - Taxation Laws (compiled codal)

Section 38. Section 116 of the NIRC, as amended, is hereby further of Taxation Laws (compiled codal). Section 38. Section 116 of the NIRC, as amended, is hereby further amended to read as follows: "Sec. 116. Tax on Persons Exempt from Value-added

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

Taxation Laws (compiled codal)

Section 38. Section 116 of the NIRC, 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(BB) 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, and beginning January 1, 2019, self-employed and professionals with total annual gross sales and/or gross receipts not exceeding Five hundred thousand pesos (₱500,000) shall be exempt from the three percent (3%) gross receipts tax herein imposed."

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