Republic Act No. 3660: An act to amend republic act numbered thirty-two hundred seven, entitled "an act granting the san fernando electric light and power co., inc. a franchise for an electric light, heat and power system in the municipality of san fernando, province of pampanga"

Republic Act No. 3660

An act to amend republic act numbered thirty-two hundred seven, entitled "an act granting the san fernando electric light and power co., inc. a franchise for an electric light, heat and power system in the municipality of san fernando, province of pampanga"

An Act to Amend Republic Act Numbered Thirty-Two Hundred Seven, Entitled "An Act Granting the San Fernando Electric Light and Power Co., Inc. a Franchise for an Electric Light, Heat and Power System in the Municipality of San Fernando, Province of Pampanga"

In plain language

Republic Act No. 3660 amends RA 327 by inserting a new section that imposes a franchise tax of two percent on the gross earnings from electric current sold, effective upon the original franchise date, while exempting the grantee from other taxes on the franchise.

Insertion of Section 2-A imposing a franchise tax equal to 2% of gross earnings from electric current sold, effective upon the original franchise date, with exemption from other taxes on the grantee’s property.

Amendment

Electricity

Franchise

Tax

REPUBLIC ACT No. 3660

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

Section 1

Republic Act Numbered Thirty-two hundred seven is hereby amended by inserting between sections two and three thereof the following new section:

"Sec. 2-A. In consideration of the franchise and rights hereby granted, the grantee shall pay into the Treasury of the Philippines a franchise tax equal to two per centum of the gross earnings for electric current sold under this franchise. Provision of laws to the contrary notwithstanding, the franchise tax equal to two per centum of the gross earnings of the grantee shall be respected. Effective upon the date the original franchise was granted, no other tax upon its capital stock, franchise, right of way, earnings and all other property owned or operated by the grantee under this concession or franchise shall be levied or assessed on the herein grantee except the franchise tax of two per centum of the gross earnings mentioned in the said original franchise.

Section 2

This Act shall take effect upon its approval.

Approved: June 22, 1963.

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.