Amendment to R.A. No. 3127 (Tax Exemption to Basic Industries)

June 19, 1965

REPUBLIC ACT NO. 4620

AN ACT TO AMEND CERTAIN SECTIONS OF REPUBLIC ACT NUMBERED THIRTY-ONE HUNDRED TWENTY-SEVEN, AS AMENDED

SECTION 1. The second paragraph of Section three of Republic Act Numbered Thirty-one hundred twenty-seven, as amended, is further amended to read as follows:

"The term basic chemical industries, including fertilizers, shall refer to the manufacture of basic industrial chemicals such as acids, alkalis, salts, except calcium hydroxide, intermediates, dyes, colour lakes and toners; explosives; ammunitions; synthetic resins; synthetic rubber; fertilizers; all chemicals for the production of medicants and insecticides; petro-chemical; bitumen; sucrochemical; and coke and coal chemicals."

SECTION 2. Subsection (a), (b) and (c) of Section six of the same Act are amended to read as follows:

"(a) One hundred per centum of the taxes due during the period from the date of approval of this Act to December thirty-first, nineteen hundred sixty-seven;

"(b) Seventy-five per centum of the taxes due during the period from January first, nineteen hundred sixty-eight to December thirty-first, nineteen hundred sixty-nine;

"(c) Fifty per centum of the taxes due during the period from January first, nineteen hundred and seventy to December thirty-first, nineteen hundred and seventy-one after which such person, partnership, company or corporation shall be liable in full to all taxes;"

SECTION 3. This Act shall take effect upon its approval.

Approved: June 19, 1965

Published in the Official Gazette, Vol. 63, No. 8, p. 1734 on February 20, 1967