Amendment to Act No. 4130 Re: Tax Exemption for Horse Races and Ticket Sales
Republic Act No. 574, approved on September 8, 1950, amends Section 6 of Act No. 4130 regarding horse races and ticket sales. The amendment exempts horse racing and ticket sales from taxes, except for a twelve-centavo internal revenue stamp required on each ticket. These tickets are printed by the Government Bureau of Printing and are classified as government securities. Any forgery or alteration of these tickets is subject to penalties under the Revised Penal Code. The Act took effect upon its approval.
September 8, 1950
REPUBLIC ACT NO. 574
AN ACT TO AMEND SECTION SIX OF ACT NUMBERED FORTY-ONE HUNDRED AND THIRTY, AS AMENDED *
SECTION 1. Section six of Act Numbered Forty-one hundred and thirty, as amended, is hereby amended to read as follows: cdt
"Sec. 6. The holding of horse races and sale of tickets authorized by this Act shall be exempt from the payment of any tax, except the tickets each of which shall bear a twelve-centavo internal revenue stamp. The tickets shall be printed in the Government Bureau of Printing and shall be considered as government securities, and any person forging or altering the same shall be subject to the provisions of the Revised Penal Code governing such cases." cd
SECTION 2. This Act shall take effect upon its approval.
Approved: September 8, 1950
Published in the Official Gazette, Vol. 46, No. 12, p. 5950 in December 1950