AN ACT TO AMEND SECTION SIX OF ACT NUMBERED FORTY-ONE HUNDRED AND THIRTY, AS AMENDED.
Year:
1950
Category:
Other
Date Approved:
September 8, 1950
Summary
Plain-language AI-assisted summary — not the official text. As of July 1, 2026. Read the full text below or on the official source.
This act amends Section Six of Act Numbered Forty-one hundred and thirty, providing tax exemptions for the holding of horse races and the sale of tickets, except for a twelve-centavo internal revenue stamp on each ticket. It aims to regulate the taxation of horse racing activities in the Philippines.Full Text
[ 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.
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Republic Acts are laws passed by the Congress of the Philippines. This content is sourced from LawPhil (lawphil.net) for reference purposes. For official and authoritative texts, please refer to the Official Gazette.