REPUBLIC ACT NO. 8424
TAX REFORM ACT OF 1997
AN ACT AMENDING THE NATIONAL INTERNAL
REVENUE CODE, AS AMENDED, AND FOR OTHER PURPOSES
Be it enacted by the Senate and House
of Representatives of the Philippines in Congress assembled:
SECTION 1. Short Title - This
Act shall be cited as the "Tax Reform Act of 1997".
SECTION 2. State Policy.
It is hereby declared the policy of the State to promote sustainable
economic growth through the rationalization of the Philippine internal
revenue tax system, including tax administration; to provide, as
much as possible, an equitable relief to a greater number of taxpayers
in order to improve levels of disposable income and increase economic
activity; and to create a robust environment for business to enable
firms to compete better in the regional as well as the global market,
at the same time that the State ensures that Government is able
to provide for the needs of those under its jurisdiction and care.
SECTION 3. Presidential Decree
No. 1158, as amended by, among others, Presidential Decree No. 1994
and Executive Order No. 273, otherwise known as the National Internal
Revenue Code, is hereby further amended.