Amendment to R.A. No. 358 Re: Withdrawal of Real Estate Tax Exemption Granted to NAPOCOR
Republic Act No. 987, enacted on June 2, 1954, amends Section Two of Republic Act No. 358 by removing the National Power Corporation's exemption from paying real estate taxes. The amended provision states that while the corporation is still exempt from most taxes, it must now pay real property tax. This change is intended to facilitate the payment of the corporation's indebtedness. The law took effect upon its approval and was published in the Official Gazette.
Law Information
- Reference Number
- Republic Act No. 987
- Date Enacted
- Category
- Statutes
- Subcategory
- Republic Acts
- Jurisdiction
- Philippines
- Enacting Body
- Congress of the Philippines
Full Law Text
June 2, 1954
REPUBLIC ACT NO. 987
AN ACT TO AMEND SECTION TWO OF REPUBLIC ACT NUMBERED THREE HUNDRED FIFTY- EIGHT BY WITHDRAWING THE EXEMPTION GRANTED TO THE NATIONAL POWER CORPORATION FROM PAYING REAL ESTATE TAX
SECTION 1. Section two of Republic Act Numbered Three hundred fifty-eight is amended to read as follows:
"Sec. 2. To facilitate payment of its indebtedness, the National Power Corporation shall be exempt from all taxes, except real property tax, and from all duties, fees, imposts, charges, and restrictions of the Republic of the Philippines, its provinces, cities and municipalities." acd
SECTION 2. This Act shall take effect upon its approval.
Approved: June 2, 1954
Published in the Official Gazette, Vol. 50, No. 6, p. 2348 in June 1954
Cite This Law
Amendment to R.A. No. 358 Re: Withdrawal of Real Estate Tax Exemption Granted to NAPOCOR, Republic Act No. 987, Jun 2, 1954 (Philippines)
Amendment to R.A. No. 358 Re: Withdrawal of Real Estate Tax Exemption Granted to NAPOCOR, Republic Act No. 987 (Phil. 1954)
Related Laws
- Amendment to C.A. No. 120 Re: NAPOCORRepublic Act No. 358 • Jun 4, 1949 • Statutes
- Amendment to C.A. No. 565 Re: Withdrawal of Tax Exemption Granted to Co-operative AssociationsRepublic Act No. 89 • Oct 30, 1946 • Statutes
- Amendment to Charter of Tacloban City Re: Real Estate TaxesRepublic Act No. 1547 • Jun 16, 1956 • Statutes
- Amendments to R.A. No. 3127 Re: Tax Exemption for Basic IndustriesRepublic Act No. 4095 • Jun 19, 1964 • Statutes
- Amendment to R.A. No. 3538 (Tax Exemption of Ford Foundation and Its Grants)Republic Act No. 4169 • Aug 8, 1964 • Statutes
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