Republic Act No. 4106: An act to further amend section fourteen of republic act numbered seven hundred twenty, as amended, otherwise known as the rural banks act

In plain language

This act amends Section 14 of the Rural Banks Act to exempt rural banks with net assets not exceeding one million pesos from taxes, charges, and fees.

Exemption from payment of all taxes, charges and fees for rural banks with net assets not exceeding one million pesos.

Effective upon approval of the act.

Rural Banks Act

Tax Exemption

Republic Act

Agriculture

Finance

REPUBLIC ACT No. 4106

An Act to Further Amend Section Fourteen of Republic Act Numbered Seven Hundred Twenty, as Amended, Otherwise Known as the Rural Banks Act

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

Section 1

Section fourteen of Republic Act Numbered Seven hundred twenty, as amended, otherwise known as the Rural Banks Act, is hereby further amended to read as follows:

> "Sec. 14. All rural banks created and organized under the provisions of this Act, with net assets not exceeding one million pesos excluding the counterpart capital subscribed and paid in by the government under Sections seven and eight of this Act, shall be exempt from the payment of all taxes, charges and fees of whatever nature and description."

Section 2

This Act shall take effect upon its approval.

Approved: June 19, 1964.

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.