Republic Act No. 5933: An act amending section seven of republic act numbered six hundred ninety-seven

In plain language

An amendment to Section 7 of Republic Act 697, imposing tax responsibilities on the grantee and its successors for real estate, buildings, and personal property, and requiring a 2% payment of gross receipts to the Treasurer in lieu of other taxes except income tax. The Act takes effect upon approval.

Grantee liable for taxes on real estate, buildings, and personal property

Grantee must pay 2% of gross receipts to Treasurer

Payment in lieu of other taxes except income tax

Act effective upon approval

Amendment

Tax

Telecommunications

Royalty

Regulation

[ REPUBLIC ACT NO. 5933, June 21, 1969 ]

AN ACT AMENDING SECTION SEVEN OF REPUBLIC ACT NUMBERED SIX HUNDRED NINETY-SEVEN.

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

Section 1

Section seven of Republic Act Numbered Six hundred ninety-seven is amended to read as follows:

"Section 7. The grantee, its successors or assigns, shall be liable to pay the same taxes on its real estate, buildings, and personal property, exclusive of this franchise, as other persons or corporations are now or hereafter may be required by law to pay. In addition, the grantee, its successors or assigns, shall 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, twoper centumof all gross receipts of the telephone or other electrical transmission business transacted under this franchise by the grantee, its successors or assigns, and the said percentage shall be in lieu of other taxes, except income taxes.

Section 2

This Act shall take effect upon its approval.

Enacted without Executive approval, June 21, 1969.

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.