War Profits Tax Act Rates and Provisions

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Republic Act No. 55: War Profits Tax Act Rates and Provisions

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Title Supreme Court: War Profits Tax Act Rates and Provisions

Law: Republic Act No. 55

Decision Date: Oct 15, 1946

Republic Act No. 55 imposes a war profits tax on individuals, partnerships, companies, and corporations in the Philippines, based on their increase in net worth during the specified period, with provisions for deductions, penalties for non-compliance, and administrative remedies, and the funds collected are appropriated for post-war initiatives.

net worth

tax rates

deductions

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