Exemption of New and Necessary Industries from Internal Revenue Taxes
Republic Act No. 35, enacted on September 30, 1946, provides exemptions from internal revenue taxes for new and necessary industries in the Philippines. Eligible persons, partnerships, companies, or corporations can enjoy this tax exemption for a period of four years from the establishment of their industry. The President, based on recommendations from the Secretary of Finance, will periodically assess the qualifications that industries must meet to benefit from this act. The law took effect upon its approval and was not published in the Official Gazette.
Law Information
- Reference Number
- Republic Act No. 35
- Date Enacted
- Category
- Statutes
- Subcategory
- Republic Acts
- Jurisdiction
- Philippines
- Enacting Body
- Congress of the Philippines
Full Law Text
September 30, 1946
REPUBLIC ACT NO. 35
AN ACT AUTHORIZING THE EXEMPTION OF NEW AND NECESSARY INDUSTRIES FROM THE PAYMENT OF INTERNAL REVENUE TAXES
SECTION 1. Any person, partnership, company, or corporation who or which shall engage in a new and necessary industry shall, for a period of four years from the date of the organization of such industry, be entitled to exemption from the payment of all internal revenue taxes directly payable by such person, partnership, company, or corporation in respect to said industry.
SECTION 2. The President of the Philippines, shall, upon recommendation of the Secretary of Finance, periodically determine the qualifications that the industries should possess to be entitled to the benefits of this Act.
SECTION 3. This Act shall take effect upon its approval.
Approved: September 30, 1946
Not published in the Official Gazette
Cite This Law
Exemption of New and Necessary Industries from Internal Revenue Taxes, Republic Act No. 35, Sep 30, 1946 (Philippines)
Exemption of New and Necessary Industries from Internal Revenue Taxes, Republic Act No. 35 (Phil. 1946)
Related Laws
- Income Tax of New and Necessary IndustriesRepublic Act No. 2351 • Jun 20, 1959 • Statutes
- Revision of R.A. No. 35 Re: Tax Exemption of New and Necessary IndustriesRepublic Act No. 901 • Jun 20, 1953 • Statutes
- Exemption of Benguet Inhabitants from Payment of Internal Revenue TaxesAct No. 111 • Mar 30, 1901 • Statutes
- Exemption from Internal Revenue Taxes of All Forest Products Used in Construction of Certain Railway LinesAct No. 1544 • Oct 18, 1906 • Statutes
- Apportionment and Disposition of Internal-Revenue Taxes Collected in the Philippine Islands from July 1, 1912Act No. 2127 • Feb 1, 1912 • Statutes
- New Valuation of Real Property as Basis for Determination of Internal Revenue TaxesPresidential Decree No. 539 • Aug 14, 1974 • Presidential Issuances
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