An Act Amending Section Three of Commonwealth Act Numbered Five Hundred Sixty-Seven

REPUBLIC ACT No. 1583

An Act Amending Section Three of Commonwealth Act Numbered Five Hundred Sixty-Seven

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

Section 1. Section three of Commonwealth Act Numbered Five hundred sixty-seven, entitled "An Act to adjust and stabilize the sugar industry and to raise revenue for the purpose by increasing the tax on the manufacturers of sugar and imposing a tax on the owners of sugar lands held by others under lease or other contract, granting the right to use said lands for a consideration," is amended to read as follows:

Section 2. This Act shall take effect upon its approval and shall have retroactive effect on all pending cases.

Approved: June 16, 1956.

"Sec. 3. When any land devoted to the cultivation of sugar cane is ceded to others by the owner or by the person in control thereof, for a consideration, under a contract of lease or otherwise, such owner or the person in control thereof shall pay a tax equivalent to the difference between the money value of the rental or consideration collected and the amount representing twenty per centum of the assessed value of such land."