REPUBLIC ACT No. 1291
An Act to Amend Section Three of Republic Act Numbered Six Hundred, Entitled "An Act to Prescribe a Graduated Scale for the Income Tax on Corporations by Amending Sections Twenty-Four and Fifty-Four of Commonwealth Act Numbered Four Hundred and Sixty-Six, Otherwise Known as the National Internal Revenue Code, as Amended, and for Other Purposes"
Be it enacted by the Senate and House of Representatives of the Philippine Congress Assembled:
Section 1. Section three of Republic Act Numbered Six hundred, as amended by Republic Act Numbered Eight hundred and sixty-eight, and Republic Act Numbered One thousand sixty-five, is further amended to read as follows:
Section 2. The provisions of this Act shall apply to income received from January first, nineteen hundred and fifty-one to December thirty-one, nineteen hundred and fifty-seven, after the expiration of which later date the provisions of sections twenty-four and fifty-four of the National Internal Revenue Code, as amended, shall again be in full force and effect.
Section 3. This Act shall take effect upon its approval.
Approved: June 15, 1955.
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