Amendment to R.A. No. 1407 Re: The Philippine Overseas Shipping Act of 1955

June 20, 1964 REPUBLIC ACT NO. 4146 AN ACT TO AMEND SECTION TWO OF REPUBLIC ACT NUMBEREDFOURTEEN HUNDRED AND SEVEN, ENTITLED "AN ACTTO BE KNOWN AS 'THE PHILIPPINE OVERSEAS SHIPPINGACT OF NINETEEN HUNDREDAND FIFTY-FIVE'" SECTION 1. Section two of Republic Act Numbered Fourteen hundred and seven is amended to read as follows: "SEC. 2. In pursuance of the above-declared policy any citizen of the Philippines, or any association or corporation organized under the laws of the Philippines, at least sixty per cent of the capital of which is owned by citizens of the Philippines, engaged or which shall engage exclusively in the overseas shipping business, or in the construction of modern boats for overseas service shall be exempt from the payment of income tax on income derived from his or its overseas shipping business for a period of ten years from the date of approval of this Act and for another five years after the expiration of said period, provided that all those who avail themselves of the loan assistance in this Act shall invest all net profits realized during that period in the construction, purchase, or acquisition of additional vessels and equipment and/or in the improvement of its vessels and equipment." SECTION 2. This Act shall take effect upon its approval. Approved: June 20, 1964 Published in the Official Gazette , Vol . 61 , No . 17 , p . 2459 on April 26 , 1965