Surtax on Corporations.
Section 8
SEC. 8. Surtax on Corporations. — In addition to the regular income tax imposed under Section twenty-four of the National Internal Revenue Code, as amended, for five years after the approval of this Act, there is hereby imposed for each taxable year on the net income of every corporation surtax of five (5%) per cent upon the amount by which such total net income minus regular income tax payable exceeds two hundred thousand (P200,000) pesos. The provision of existing general and special laws to the contrary notwithstanding, there shall .be no exemption from this additional income tax. All corporate in excess of the minimum amount provided for in this section shall pay the surtax provided in this section.