Republic Act No. 574: An act to amend section six of act numbered forty-one hundred and thirty, as amended

In plain language

Amends Section 6 of Act No. 41-130 to exempt the holding of horse races and sale of tickets from tax, except that tickets must bear a 12-centavo internal revenue stamp and be printed by the Government Bureau of Printing. Forgery or alteration of tickets is subject to the Revised Penal Code.

Amendment of Section 6 to exempt horse race ticket sales from tax except for tickets bearing a 12-centavo stamp.

Tickets must be printed by the Government Bureau of Printing and considered government securities.

Forgery or alteration of tickets is punishable under the Revised Penal Code.

tax exemption

horse racing

ticket sales

internal revenue stamp

Revised Penal Code

[ REPUBLIC ACT NO. 574, September 08, 1950 ]

AN ACT TO AMEND SECTION SIX OF ACT NUMBERED FORTY-ONE HUNDRED AND THIRTY, AS AMENDED.

Be it enacted by the Senate and House of Representatives of the Philippines in Congress assembled:

Section 1

Section six of Act Numbered Forty-one hundred and thirty, as amended, is hereby amended to read as follows:

"Section 6. The holding of horse races and sale of tickets authorized by this Act shall be exempt from the payment of any tax, except the tickets each of which shall bear a twelve-centavo internal revenue stamp. The tickets shall be printed in the Government Bureau of Printing and shall be considered as government securities, and any person forging or altering the same shall be subject to the provisions of the Revised Penal Code governing such cases."

Section 2

This Act shall take effect upon its approval.

Approved, September 8, 1950.

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.