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Show EXHIBIT A TAX CALCULATION TABLES TAX ON INCOME OF BUSINESS ENTERPRISES ENGAGED IN COMMERCIAL, INDUSTRIAL, AGRICULTURAL, LIVESTOCK _RAISING AND FISHING ACTIVITIES_ Effective January 1, 1963 (Stated in U. S. dollars at the rate of 12.50 pesos to 1.00 U. S. dollar) Annual Taxable Income Not More More Than Than Tax Amount Calculation Plus On Excess Over Effective Tax Rate (On Lower Limit) $ 0 .01 $ 160.00 $ - % $ _ - % 160 .01 280.00 - 5.00 160 .00 - 2 80 .01 400.00 6.00 6.00 2 80 .00 2.14 400 .01 640.00 13.20 7.00 400 .00 3.30 640 .01 880.00 30.00 8.00 640 .00 4.69 880 .01 1 ,120.00 49.20 9.00 880 .00 5.59 1, 120 .01 1 ,600.00 70.80 10.00 1 , 120 .00 6.32 1, 600 .01 2 ,080.00 118.80 11.00 1 , 600 .00 7.43 2, 080 .01 2 ,560.00 171.60 13.00 2 ,080 .00 8.25 2, 560 .01 3 ,040.00 234.00 16.00 2 ,560 .00 9.14 3. 040 .01 4 ,000.00 310.80 18.00 3 ,040 .00 10.22 4, 000 .01 4 ,960.00 483.60 19.00 4 ,000 .00 12.09 4, 960 .01 5 ,920.00 666.00 20.00 4 ,960 .00 13.43 5, 920 .01 6 ,880.00 858.00 21.50 5 ,920 .00 14.49 6, 880 .01 8 ,000.00 1,064.40 22.50 6 ,880 .00 15.47 8, 000 .01 12 ,000.00 1,316.40 24.10 8 ,000 .00 16.46 12, 000 .01 16 ,000.00 2,280.40 26.76 12 ,000 .00 19,00 16, 000 .01 24 ,000.00 3,350.80 29.64 16 ,000 .00 20,94 24, 000 .01 32 ,000.00 5,722.00 32.58 24 ,000 .00 23.84 32, 000 .01 40 ,000.00 8,328.40 34.92 32 ,000 .00 26.03 40, 000 .01 60 ,000.00 11,122.00 36.48 40 ,000 .00 27.81 60, 000 .01 80 ,000.00 18,418.00 38.04 60 ,000 ,00 30.70 80, 000 .01 26,026.00 42.00 80 ,000 .00 32.53 NOTES: In the case of income derived from agricultural, livestock raising and fishing activities, the Income tax calculated in accordance with the above tax table is reduced by the following percentages: If the taxpayer is engaged solely in agriculture, livestock raising or fishing If the taxpayer processes its products, or if it engages in other commercial or industrial activities which account for a maximum of 50% of its gross income 25% Banking, insurance and bonding companies are entitled to reduce their income tax calculated in accordance with the above tax table by 10% of income derived from bonds and other authorized investments. |
