1158, otherwise known as the NIRC
of 1997, provided that recreational clubs, or those which are organized and operated exclusively for pleasure, recreation, and other non-profit purposes, were exempt from income tax.
The BIR said 'the provision in the 1977 Tax Code which granted income tax exemption to such recreational clubs was omitted in the current list of tax-exempt corporations under the 1997 NIRC
, as amended" and thus, it said, 'the income of recreational clubs from whatever source, including but not limited to membership fees, assessment dues, rental income, and service fees are subject to income tax.'
However, the SC said the BIR's interpretation of the provision of the 1997 NIRC
was incorrect as it erroneously imposed a sweeping interpretation that membership fees and assessment dues are sources of income of recreational clubs from which income tax liability may ensue.
It explained: "The sale of the power plants is clearly not the same as the sale of electricity by generation companies, transmission, and distribution companies, which is subject to VAT under Section 108 of the NIRC
. Thus, we do not find any merit in the arguments raised by the CIR" (Commissioner of Internal Revenue).
Chief Executive Aodhan Connolly said the report had looked at ways technology could be used to solve the border issue but said the organisation didn't feel the practise would work.
The legal team of USC has challenged the notice in NIRC
on which the commission dismissed the notice of workers union and stopped them from any illegal strike or sit-in
When contacted, Chand Group leader Saifur Rehman said they had taken the case to All Pakistan Hydro Electric Workers Union, Lahore, which had issued a notification of their victory but the rival group had filed a case with NIRC
The National Institutes of Health, after extensive collaboration with the Chimp Haven federal sanctuary, New Iberia Research Center (NIRC
), and other organizations, has developed a plan to formally retire directly to the Federal Sanctuary System all of its chimpanzees at New Iberia that were recently designated as permanently ineligible for biomedical research.
Manny deserves better treatment," Recto, co-chairman of the Joint Senate and House oversight committee on the proper implementation of the National Internal Revenue Code (NIRC
Patriot Scientific Corporation (OTCBB: PTSC.OB), the co-owner of the Moore Microprocessor Patent Portfolio licensing partnership, announced on Wednesday that the US Patent and Trademark Office (USPTO) has issued a Notice of Intent to Issue Reexamination Certificate (NIRC
) for US'584, confirming without amendment the validity of the patent over more than 270 references.
They also follow the Natural Ingredient Resource Center (NIRC
) criteria for labeling natural ingredients and products, which mirror those established by the USDA for organic food.