PRESIDENTIAL DECREE NO. 299-A

: The tax rate imposed is 15% on the total amount of dividends received.
: Subsection (d) of Section 24 of the National Internal Revenue Code is transferred to a new subsection (e).
: The payor corporation is responsible for withholding the tax and paying it to the Commissioner of Internal Revenue.
: The tax must be withheld and paid at the same time the dividends are paid to the recipient corporations.
: No, all corporations, agencies, or instrumentalities owned or controlled by the Government shall pay the tax rates imposed by Section 24 on similar businesses, except educational institutions.
: Sections 24(c)(1), 24(d), and 27 of the National Internal Revenue Code provide specific exemptions.
: Yes, PD No. 299-A repeals Subsection (e) of Section 29 of the National Internal Revenue Code.
: Dividends already received and reported are no longer subject to the tax imposed under Section 24(d) but are considered subject to tax for purposes of Section 65(a).
: The Commissioner is authorized to promulgate rules and regulations to implement the decree, subject to the approval of the Secretary of Finance.
: It took effect immediately upon its signing on September 21, 1973.