BATAS PAMBANSA BLG. 399, May 18, 1983

[ BATAS PAMBANSA BLG. 399, May 18, 1983 ]

AN ACT ABOLISHING THE ADDITIONAL TEN PERCENT TAX ON THE TAXABLE NET INCOME OF CLOSELY-HELD CORPORATIONS, REPEALING FOR THE PURPOSE PARAGRAPH (e) OF SECTION TWENTY-FOUR OF THE NATIONAL INTERNAL REVENUE CODE, AS AMENDED.

Be it enacted by the Batasang Pambansa in session assembled:

SECTION 1. Paragraph (e) of Section twenty-four of the National Internal Revenue Code, as amended, is hereby repealed.

SEC. 2. This Act shall take effect upon its approval.

Approved, May 18, 1983.