Section 13
SEC. 13. (a) The tax shall be computed upon the net-income, ascertained in accordance with the foregoing provisions, received within each preceding calendar year ending December thirty-first: Provided, That any corporation, joint-stock company, partnership, joint-account (cuenta en participacion), association, or insurance company, subject to this tax, may designate the last day of any month in the year as the day of the closing of its fiscal year and shall be entitled to have the tax payable by it computed upon the basis of the net income ascertained as herein provided for the year ending on the day so designated in the year preceding the date of assessment instead of upon the basis of the net income for the calendar year preceding the date of assessment; and it shall give notice of the day it has thus designated as the closing of its fiscal year to the Collector of Internal Revenue at any time not less than thirty days prior to the first day of March of the year in which its return would be filed if made upon the basis of the calendar year. (b) Every corporation, joint-stock company, partnership,-joint-account (cuenta en participacion), association, or insurance company, subject to the tax herein imposed, shall, on or before the first day of March, nineteen hundred and twenty, and the first day of March in each year thereafter, or if it has designated a fiscal year, then within sixty days after the close of such fiscal year ending prior to December thirty-first, nineteen hundred and twenty, and the close of each such fiscal year thereafter, render a true and accurate return of its annual net income in the manner and form to be prescribed by the Collector of Internal Revenue with the approval of the Secretary of Finance, and containing such facts, data, and information as are appropriate and in the opinion of the Collector necessary to determine the correctness of the net income returned and to carry out the provisions of this Law. The return shall be sworn to by the president, vice-president, or other principal officer,' and by the treasurer or assistant treasurer. The return shall be made to the Collector or to the treasurer of the province in which is located the principal office of the corporation, joint-stock company, partnership, joint-account (cuenta en participacion), or association, where are kept its books of account and other data from which the return is prepared, or in the case of a foreign corporation, joint-stock company, partnership, joint-account (cuenta en participation) , or association, to the Collector or to the treasurer of the province in which is located its principal place of business in the Philippine Islands, or if it have no office of any kind or agency in the Philippine Islands, then to the Collector of Internal Revenue. All such returns shall as received be transmitted forthwith by the officer receiving them to the Collector of Internal Revenue. (c) In cases wherein receivers, trustees in bankruptcy, or assignees are operating the property or business of corporations, joint-stock companies, partnerships, joint accounts (cuentas en participacion), associations or insurance companies, subject to tax imposed by this Law, such receivers, trustees, or assignees shall make returns of net income as and for such corporations, joint-stock companies, partnerships, joint-accounts (cuentas en participacion), associations, and insurance companies, in the same manner and form as such organizations are hereinbefore required to make returns, and any tax due on the income as returned by receivers, trustees, or assignees shall be assessed and collected in the same manner as if assessed directly against the organizations of whose businesses or properties they have custody and control. (d) A corporation, joint-stock company, partnership, joint-account (cuenta en participacion), association, or insurance company, keeping account upon any basis other than that of actual receipts and disbursements, unless such other basis does not clearly reflect its income, may, subject to regulations made by the Collector of Internal Revenue with the approval of the Secretary of Finance, make its return upon the basis upon which its accounts are kept, in which case the tax shall be computed upon its income as so returned. (e) All the provisions of this Law relating to the tax required to be deducted and withheld and paid to the internal revenue officer authorized to receive the same from the income of nonresident alien individuals from sources within the Philippine Islands shall be made applicable to the tax imposed by subdivision (a) of section ten upon incomes derived from interest upon bonds and mortgages or deeds of trust or similar obligations of domestic or other resident corporations, joint-stock companies, partnerships, joint-accounts (cuentas en participacion), associations, and insurance companies by nonresident alien firms, copart nerships, companies, corporations, joint-stock companies, partnerships, and insurance companies, not engaged in business or trade within the Philippine Islands and not having any office or place of business therein. (f) Likewise, all the provisions of this Law relating to the tax required to be deducted and withheld and paid to the officer of the Government of the Philippine Islands authorized to receive the same from the income of nonresident alien individuals from sources within the Philippine Islands shall be made applicable to income derived from dividends upon the capital stock or from the net earnings of domestic or other resident corporations, joint-stock companies, partnerships, joint-accounts (cuentas en participacion), associations, and insurance companies by nonresident alien firms, corporations, joint-stock companies, partnerships, joint-accounts (cuentas en participacion), associations, and insurance companies, not engaged in business or trade within the Philippine Islands and not having any office or place of business therein. ASSESSMENT.