Republic Act No. 1148

: Republic Act No. 1148 amends Section 24 of Commonwealth Act No. 466, also known as the National Internal Revenue Code, as amended.
: The Act imposes an annual tax on corporations with a rate of 20% on net income up to 100,000 pesos and 28% on net income exceeding 100,000 pesos.
: Yes, all corporations organized or existing under Philippine laws are subject to this tax except duly registered general co-partnerships (compañías colectivas).
: Foreign corporations authorized or existing under the laws of other countries are taxed at the same rates on their net income derived from sources within the Philippines.
: Building and Loan Associations pay a tax rate of 12%, and private educational institutions pay a tax rate of 10% on their total net income.
: Only 25% of such dividends received from domestic corporations liable to tax or engaged in new and necessary industries are returnable for tax purposes under this section.
: The provisions of the Act apply to income received from January 1, 1954.
: The Act took effect upon its approval on June 17, 1954.
: No, duly registered general co-partnerships (compañías colectivas) are excluded from the tax imposed under this section.
: The Act provides a tax concession on dividends from domestic corporations engaged in new and necessary industries as defined under Republic Act No. 901, allowing only 25% of such dividends to be taxed.