Tax Exemption of Bonds, Certificates and Other Evidences of Indebtedness Issued by President
Republic Act No. 566, approved on August 31, 1950, exempts all bonds, certificates, and other evidences of indebtedness issued by the President of the Philippines under Republic Act No. 266 from taxation or assessment. This legislation aims to support economic rehabilitation and development by allowing the issuance of these financial instruments without national, provincial, or municipal tax liabilities. The Act takes effect upon approval and was published in the Official Gazette later that year.
August 31, 1950
REPUBLIC ACT NO. 566
AN ACT TO PROVIDE THAT BONDS, CERTIFICATES AND OTHER EVIDENCES OF INDEBTEDNESS ISSUED BY THE PRESIDENT OF THE PHILIPPINES UNDER THE PROVISIONS OF REPUBLIC ACT NUMBERED TWO HUNDRED SIXTY-SIX, SHALL BE EXEMPT FROM TAXATION OR ASSESSMENT
SECTION 1. All bonds, certificates and other evidences of indebtedness to be issued by the President of the Philippines under the provisions of Republic Act Numbered Two hundred sixty-six, entitled "An Act appropriating such sums as may from time to time be released by the Central Bank representing excess monetary reserves, and authorizing the President of the Philippines to issue bonds, certificates or other evidences of indebtedness covering such amounts," for the purpose of economic rehabilitation and development, and the interests payable thereon, shall be exempt from taxation or assessment, whether national, provincial or municipal. casia
SECTION 2. This Act shall take effect upon its approval.
Approved: August 31, 1950
Published in the Official Gazette, Vol. 46, No. 12, p. 5939 in December 1950