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The National Internal Revenue Code is the law establishing the system of national taxation in the Philippines. The most recent extensive revision of the Code occurred in 1997, although the Code was amended in 2005 to expand the coverage and rates of value-added tax.
National law: National Internal Revenue Code—enacted as Republic Act No. 8424 or the Tax Reform Act of 1997 [2] and subsequent laws amending it; the law was most recently amended by Republic Act No. 10963 or the Tax Reform for Acceleration and Inclusion Law; [3] and,
An example of this is a sports club, which exists for the enjoyment of its members and thus would function well as an NFPO, with revenue being re-invested into improving the organization. [1] These organizations typically file for tax exemption in the United States under section 501(c)(7) of the Internal Revenue Code as social clubs. [5]
The origins of 501(c)(4) organizations date back to the Revenue Act of 1913, which created a new group of tax-exempt organizations dedicated to social welfare in a precursor to what is now Internal Revenue Code Section 501(c)(4). [62] The Protecting Americans from Tax Hikes Act of 2015 introduced a new requirement on 501(c)(4) organizations. [63]
The Bureau of Internal Revenue [2] (BIR; Filipino: Kawanihan ng Rentas Internas) is a revenue service for the Philippine government, which is responsible for collecting more than half of the total tax revenues of the government. It is an agency of the Department of Finance and it is led by a Commissioner.
Pages in category "501(c)(19) nonprofit organizations" The following 11 pages are in this category, out of 11 total. This list may not reflect recent changes .
The TRAIN Act is the first of four packages of tax reforms to the National Internal Revenue Code of 1997, or the Tax Code, as amended. [3] This package introduced changes in personal income tax (PIT), [ 4 ] estate tax, donor's tax, value added tax (VAT), documentary stamp tax (DST) and the excise tax of tobacco products, petroleum products ...
SCORE is also supported by the SCORE Foundation, a 501 (c) (3) non-profit organization formed in 1996 to serve as the philanthropic arm of SCORE. [13] SCORE is exempt from federal and state income taxes on income under the provisions of Section 501(c)(3) of the Internal Revenue Code.