: The 2023 Act formally invalidates the previous Martial Law-era ordinance to align with current constitutional and economic standards.
: Financial institutions and corporations must now ensure their calculations for income tax provisions and deferred tax liabilities strictly follow the rules laid out in the ITA 2023 . ITA2023.part1.rar
: Lists specific income types and industrial undertakings (such as tourist industries or newly established physical infrastructure) that qualify for tax-free status or reduced rates. : The 2023 Act formally invalidates the previous