Republic Act No. 35: An act authorizing the exemption of new and necessary industries from the payment of internal revenue taxes

In plain language

This act provides a four‑year exemption from all internal revenue taxes for new and necessary industries, subject to qualifications determined by the President upon recommendation of the Secretary of Finance, and takes effect upon its approval.

Exemption of new and necessary industries from all internal revenue taxes for four years

President determines qualifications for exemption upon recommendation of the Secretary of Finance

Act takes effect upon approval

tax exemption

industry

internal revenue tax

Philippines

REPUBLIC ACT No. 35

An Act Authorizing the Exemption of New and Necessary Industries from the Payment of Internal Revenue Taxes

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

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

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.