Republic Act No. 1094

: The purpose of Republic Act No. 1094 is to amend Section 21 of the National Internal Revenue Code by setting the rates of income tax on citizens or residents of the Philippines.
: It amends Section 21 of Commonwealth Act No. 466, also known as the National Internal Revenue Code.
: Every individual who is a citizen or resident of the Philippines receiving net income from all sources within the preceding taxable year is subject to the tax rates.
: The entire net income received in the preceding taxable year from all sources by every individual who is a citizen or resident of the Philippines.
: Five per centum per annum (5%).
: Eight per centum per annum (8%).
: The highest tax rate is sixty per centum per annum (60%) and it applies to the amount by which total net income exceeds five hundred thousand pesos.
: The rates apply to income received from January 1, 1954 to December 31, 1955.
: Yes, the tax is levied, assessed, collected, and paid annually.
: Yes, the tax rates increase progressively as the amount of net income increases within specified income brackets.