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Section 30. Exemptions from Tax on Corporations. - The following organizations shall not be taxed under this Title in respect to income received by them as such: (A) Labor, agricultural or horticultural organization not organized principally for profit;
28 Ιουν 2016 · Last week, Revenue Memorandum Circular (RMC) 64-2016 was circularized which provides clarification on the nature, tax treatment, registration and compliance requirement of corporations and associations under Section 30 of the National Internal Revenue Code (NIRC) of 1997, as amended (1997 Tax Code).
7 Νοε 2019 · Section 30 corporations who availing of the tax exemption are required to secure a Certificate of Tax Exemption (CTE) or a tax exemption ruling. A CTE shall be valid for three years from the date of its effectivity, unless sooner revoked or canceled.
Section 30 of the National Internal Revenue Code (NIRC) of 1997, as amended, enumerates only eleven (11) kinds of organization and expressly provides that such organizations shall not be taxed under Title II (Tax on Income) in respect to income received by them as such.
Section 51 of the National Internal Revenue Code of 1997, as amended, is hereby further amended to read as follows: "Section 51. Individual Returns. (A) Requirements. (1) Except as provided in paragraph (2) of this Subsection, the following individuals are required to file an income tax return: x x x.
30 Ιουλ 2019 · Section 30 of the National Internal Revenue Code, as amended, provides a list of 11 organizations/entities that are granted exemption from payment of income taxes. Being nonstock nonprofit corporations, these organizations basically have nothing to subject to income taxes, since they have no income to speak of.
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