Full text of Title I of the National Internal Revenue Code of 1997 Republic Act No. The Tax Reform Act of 1997 For other Titles of the Code, see related links. Internal Revenue Code, Treasury Regulations, and other Tax Resources. Treasury Inspector General For Tax Administration. The Inspector General for Tax Administration. Installment Sale Of Intangible Property Law' title='Installment Sale Of Intangible Property Law' />NATIONAL INTERNAL REVENUE CODE OF 1. On Line Bar Review. MCLE Debt. Kollect. Intellectual Property. Chan Robles Virtual Law Library. This web page contains the full text of THENATIONAL INTERNAL REVENUE CODEOF THE PHILIPPINESTax Reform Act of 1. Republic Act No. 8. AN ACT. THE NATIONAL INTERNAL REVENUE CODE, AS AMENDED, AND FOR. CODE OF CRIMINAL PROCEDURE. TITLE 1. CODE OF CRIMINAL PROCEDURE. CHAPTER 42. JUDGMENT AND SENTENCE. This article was amended by the 85th Legislature. This process of spreading out an expense over time is called either depreciation for tangible property or amortization for intangible property. See accompanying notes to the Financial Statements. Notes. General Instructions for Preparation of Balance Sheet. An asset shall be classified as current when it. In propria persona adj. Latin for ones self, acting on ones own behalf, gen. SECTION 1237610. Persons liable for taxes and assessments on real property. Each person is liable to pay taxes and assessments on the real property that, as of. PURPOSESSECTION 1. Short Title. This Act shall be cited as the Tax Reform Act of 1. SEC. 2. State Policy. It is hereby declared the policy of the State to promote sustainable. Philippine internal. State ensures that Government is able to provide for the needs of. SEC. 3. Presidential Decree No. Presidential. Decree No. Executive Order No. National. Internal Revenue Code, is hereby further amended. TITLE. AND FUNCTION OFTHE. OF INTERNAL REVENUESECTION 1. Title. of the Code This Code shall be known as the National Internal Revenue Code of. SEC. 2. Powers and Duties of the Bureau of Internal Revenue The Bureau of Internal Revenue shall be under the supervision and. Department of Finance and its powers and duties shall comprehend. Court of Tax Appeals and the ordinary. The Bureau shall give effect to and administer the supervisory and. Code or other laws. SEC. 3. Chief Officials of the Bureau of Internal Revenue The Bureau of Internal Revenue shall have a chief to be known. Commissioner of Internal Revenue, hereinafter referred to as the. Commissioner. and four 4 assistant chiefs to be known as Deputy Commissioners. SEC. 4. Power of the Commissioner to Interpret Tax Laws and to Decide Tax. Cases The power to interpret the provisions of this Code and other. Commissioner. subject to review by the Secretary of Finance. The power to. disputed assessments, refunds of internal revenue taxes, fees or other. Code or other laws or portions thereof administered by the. Internal Revenue is vested in the Commissioner, subject to the. Court of Tax Appeals. SEC. 5 Power of the Commissioner to Obtain Information, and to Summon. Examine. and Take Testimony of Persons In ascertaining the correctness of any return, or in making a return. Commissioner is authorized A. To examine any book, paper, record, or other data which may be relevant. B To obtain. a regular basis from any person other than the person whose internal. Bangko Sentral ng Pilipinas and government owned or controlled. C To summon. person liable for tax or required to file a return, or any officer or. Commissioner or his duly authorized representative at a time and place. D To take. testimony of the person concerned, under oath, as may be relevant or. E To cause. revenue. The. provisions. of the foregoing paragraphs notwithstanding, nothing in this Section. Commissioner the authority to inquire into. Section 6F of this Code. SEC. 6. Power of the Commissioner to Make assessments and Prescribe. Requirements for Tax Administration and Enforcement. A Examination. of Returns and Determination of Tax Due After a return has been. Code, the Commissioner or his. Provided, however That failure. Commissioner from authorizing the examination of any. Any return. statement. Provided, That within three 3 years from. Provided. further, That no notice for audit or investigation of such return. B Failure to. Required Returns, Statements, Reports and other Documents When a report required by law as a basis for the assessment of any national. Commissioner shall assess the proper tax on the best evidence. In case a. fails to file a required return or other document at the time. Commissioner shall make or amend the return from. C Authority. Conduct Inventory taking, surveillance and to Prescribe Presumptive. Gross. Sales and Receipts The Commissioner may, at any time during the. The. findings may be used as the basis for assessing the taxes for the other. When it is. that a person has failed to issue receipts and invoices in violation of. Sections 1. 13 and 2. Code, or when there is. Code, the Commissioner, after taking. D Authority. Terminate Taxable Period When it shall come to the knowledge of. Commissioner that a taxpayer is retiring from business subject to tax. Philippines or to remove his property therefrom or to hide or. Commissioner. declare the tax period of such taxpayer terminated at any time and. Commissioner. E Authority. Commissioner to Prescribe Real Property Values The. Commissioner. hereby authorized to divide the Philippines into different zones or. For. purposes of computing any internal revenue tax, the value of the. Commissioner, or. Provincial and City Assessors. F Authority. Commissioner to inquire into Bank Deposit Accounts. Notwithstanding. any contrary provision of Republic Act No. Commissioner is hereby authorized to inquire into the bank deposits of 1 a. Sec. 2. 04 A 2 of this Code by reason of financial incapacity to pay. In case a taxpayer. Republic Act No. 1. Commissioner to inquire into the bank deposits of the. G Authority. Accredit and Register Tax Agents The Commissioner shall. Bureau for taxpayers. Within one hundred twenty 1. January. 1, 1. 99. Commissioner shall create national and regional accreditation boards. Bureau, one 1 chairman and two 2 members for each board. Secretary of Finance shall promulgate upon. Commissioner. Individuals. Commissioner andor the national and regional. Secretary of Finance, who shall. Failure. of the Secretary of Finance to rule on the Appeal within the prescribed. H Authority. the Commissioner to Prescribe Additional Procedural or Documentary. Requirements The Commissioner may prescribe the manner of. SEC. 7. Authority of the Commissioner to Delegate Power The Commissioner may delegate the powers vested in him under the. Code to any or such subordinate officials with the. Secretary of finance, upon recommendation of the Commissioner Provided. That the following powers of the Commissioner shall not be. The power. recommend the promulgation of rules and regulations by the Secretary of Finance b The power. Bureau c The power. Sec. 2. 04 A and B of this Code, any tax. Provided, however, That assessments issued by the. Five hundred thousand pesos P5. Secretary of finance, upon recommendation of the Commissioner. Regional Director as Chairman, the Assistant. Regional. Director. Legal, Assessment and Collection Divisions and the. Revenue. District. Officer having jurisdiction over the taxpayer, as members andd The power. SEC. 8. Duty of the Commissioner to Ensure the Provision and. Distribution. of forms, Receipts, Certificates, and Appliances, and the. Acknowledgment. of Payment of Taxes. A Provision. and Distribution to Proper Officials. How To Install A Stereo In A 2003 Chevy Avalanche. It shall be the duty of the. Commissioner, among other things, to prescribe, provide, and distribute. Bureau. For this purpose, internal revenue stamps. Commissioner to be printed with. Internal. revenue. Commissioner, upon approval of. Secretary of Finance. B Receipts. Payment Made It shall be the duty of the Commissioner or his. Code to acknowledge the. Commissioner. SEC. Internal Revenue Districts With the approval of the Secretary of Finance, the Commissioner shall. Philippines into such number of revenue districts as may. Each of these. districts. Revenue District Officer. SEC. 1. 0. Revenue Regional Director. Under rules and regulations, policies and standards formulated by the. Commissioner, with the approval of the Secretary of Finance, the. Revenue. Regional director shall, within the region and district offices under. Implement. laws. policies, plans, programs, rules and regulations of the department or.