REPUBLIC ACT NO. 8424
TAX REFORM ACT OF 1997
(Lifted from The Bureau of Internal Revenue Website)

AN ACT AMENDING THE NATIONAL INTERNAL REVENUE CODE, AS AMENDED, AND FOR OTHER PURPOSES

Be it enacted by the Senate and House of Representatives of the Philippines in Congress assembled:

SECTION 1.  Short Title – This Act shall be cited as the “Tax Reform Act of 1997”.

SECTION 2.  State Policy. – It is hereby declared the policy of the State to promote sustainable economic growth through the rationalization of the Philippine internal revenue tax system, including tax administration; to provide, as much as possible, an equitable relief to a greater number of taxpayers in order to improve levels of disposable income and increase economic activity; and to create a robust environment for business to enable firms to compete better in the regional as well as the global market, at the same time that the State ensures that Government is able to provide for the needs of those under its jurisdiction and care.

SECTION 3.  Presidential Decree No. 1158, as amended by, among others, Presidential Decree No. 1994 and Executive Order No. 273, otherwise known as the National Internal Revenue Code, is hereby further amended.

NIRC Outline

TITLE I ORGANIZATION AND FUNCTION OF THE BUREAU OF INTERNAL REVENUE

TITLE II TAX ON INCOME

• CHAPTER VII – ALLOWABLE DEDUCTIONS – A
• CHAPTER VII – ALLOWABLE DEDUCTIONS – B
• CHAPTER I – DEFINITIONS
• CHAPTER II – GENERAL PRINCIPLES
• CHAPTER III – TAX ON INDIVIDUALS
• CHAPTER IV – TAX ON CORPORATIONS
• CHAPTER V – COMPUTATION OF TAXABLE INCOME
• CHAPTER VI – COMPUTATION OF GROSS INCOME
• CHAPTER VII – ALLOWABLE DEDUCTIONS
• CHAPTER VIII – ACCOUNTING PERIODS AND METHODS OF ACCOUNTING
• CHAPTER IX – RETURNS AND PAYMENT OF TAX
• CHAPTER X – ESTATES AND TRUSTS
• CHAPTER XI – OTHER INCOME TAX REQUIREMENTS
• CHAPTER XII – QUARTERLY CORPORATE INCOME TAX ANNUAL DECLARATION AND QUARTERLY PAYMENTS OF INCOME TAXES
• CHAPTER XIII – WITHHOLDING ON WAGES

TITLE III ESTATE AND DONOR’S TAXES

• CHAPTER I – ESTATE TAX
• CHAPTER II – DONOR’S TAX

TITLE IV VALUE- ADDED TAX

• CHAPTER I – IMPOSITION OF TAX
• CHAPTER II – COMPLIANCE REQUIREMENTS

TITLE V OTHER PERCENTAGE TAXES

TITLE VI EXCISE TAXES ON CERTAIN GOODS

• CHAPTER I – GENERAL PROVISIONS
• CHAPTER II – EXEMPTION OR CONDITIONAL TAX-FREE REMOVAL OF CERTAIN ARTICLES
• CHAPTER III- EXCISE TAX ON ALCOHOL PRODUCTS
• CHAPTER IV – EXCISE TAX ON TOBACCO PRODUCTS
• CHAPTER V – EXCISE TAX ON PETROLEUM PRODUCTS
• CHAPTER VI – EXCISE TAX ON MISCELLANEOUS ARTICLES
• CHAPTER VII – EXCISE TAX ON MINERAL PRODUCTS
• CHAPTER VIII – ADMINISTRATIVE PROVISIONS REGULATING BUSINESS OF PERSONS DEALING IN ARTICLES SUBJECT TO EXCISE TAX

TITLE VII DOCUMENTARY STAMP TAX

TITLE VIII REMEDIES

• CHAPTER I – REMEDIES IN GENERAL
• CHAPTER II – CIVIL REMEDIES FOR COLLECTION OF TAXES
• CHAPTER III – PROTESTING AN ASSESSMENT, REFUND, ETC.

TITLE IX COMPLIANCE REQUIREMENTS

• CHAPTER I – KEEPING OF BOOKS OF ACCOUNTS AND RECORDS
• CHAPTER II – ADMINISTRATIVE PROVISIONS
• CHAPTER III – RULES AND REGULATIONS

TITLE X STATUTORY OFFENSES AND PENALTIES

• CHAPTER I – ADDITIONS TO THE TAX
• CHAPTER II – CRIMES, OTHER OFFENSES AND FORFEITURES
• CHAPTER III – PENALTIES IMPOSED ON PUBLIC OFFICERS
• CHAPTER IV – OTHER PENAL PROVISIONS

TITLE XI ALLOTMENT OF INTERNAL REVENUE

• CHAPTER I – DISPOSITION AND ALLOTMENT OF NATIONAL INTERNAL REVENUE IN GENERAL
• CHAPTER II – SPECIAL DISPOSITION OF CERTAIN NATIONAL INTERNAL REVENUE TAXES

TITLE XII OVERSIGHT COMMITTEE

TITLE XIII REPEALING PROVISIONS

TITLE XIV FINAL PROVISIONS

ANNEXES

• Annex A-1
• Annex A-2
• Annex A-3
• Annex A-4
• Annex B
• Annex C-1
• Annex C-2
• Annex D