Republic Act No. 3483: An act to amend section seven of republic act numbered twenty-nine hundred and fifty-seven, entitled "an act to grant telephone communication system franchise to jose m. f. belo within the province of capiz and roxas city"

Republic Act No. 3483

An act to amend section seven of republic act numbered twenty-nine hundred and fifty-seven, entitled "an act to grant telephone communication system franchise to jose m. f. belo within the province of capiz and roxas city"

An Act to Amend Section Seven of Republic Act Numbered Twenty-Nine Hundred and Fifty-Seven, Entitled "An Act to Grant Telephone Communication System Franchise to Jose M. F. Belo Within the Province of Capiz and Roxas City"

In plain language

Amends Section 7 of RA 2957 to impose a 1% tax on gross receipts of the telephone business under the franchise, in lieu of other taxes.

A 1% tax on gross receipts of the telephone business under the franchise, payable annually within ten days after audit and approval of accounts.

Telecommunications

Tax

Franchise

Republic Act

REPUBLIC ACT No. 3483

Be it enacted by the Senate and House of Representatives of the Philippine Congress Assembled:

Section 1

Section seven of Republic Act Numbered Twenty-nine hundred and fifty-seven is hereby amended to read as follows:

"Sec. 7. In consideration of the franchise and rights hereby granted, the grantee, his successors or assigns shall, during the life of the franchise, pay to the Treasurer of the Philippines each year, within ten days after the audit and approval of the accounts as prescribed in Section six of this Act, a tax of one per centum of all gross receipts of the telephone business transacted under this franchise by the grantee, his successors or assigns, and the said tax shall be in lieu of all taxes, fees, charges or duties of any kind, nature or description, levied, established or collected by any municipal, city, provincial or national authority.

Section 2

This Act shall take effect as of June nineteen, nineteen hundred sixty.

Approved: June 16, 1962.

For information and research only, and not legal advice. This text may not reflect later amendments. For certified copies, refer to the Official Gazette or the issuing agency.