Rates of tax.
Section 1
SECTION 1. Rates of tax.—There shall be levied, assessed, collected and paid on the amount by which the net worth of an individual, partnership, company or corporation, on February 26, 1945, exceeds the net worth of said individual, partnership, company or corporation on December 8, 1941, a war profits tax equal to the sum of the following: Fifty per cent upon the amount by which such excess is over P6,000 but is not over P50,000; Sixty per cent upon the amount by which such excess is over P50,000 but is not over P100,000; Seventy per cent upon the amount by which such excess is over P100,000 but is not over P300,000; Eighty per cent upon the amount by which such excess is over P300,000 but is not over P500,000; Ninety per cent upon the amount by which such excess is over P500,000 but is not over P1,000,000; Ninety-five per cent upon the amount by which such excess is over P1,000,000. The amount taxable under the next preceding paragraph shall be held to mean the increase in the net worth of every individual, whether a citizen, alien, resident or non-resident, and of every partnership, company or corporation, whether domestic or foreign, attributable to income from sources within the Philippines or incident to property held within the Philippines, during any part of the period from December 8, 1941 to February 26, 1945. Where a partnership, company or corporation was organized after December 8, 1941, the date of organization shall, for the purposes of this Act, be used in place of the said date.