An Act Authorizing the Exemption of New and Necessary Industries from the Payment of Internal Revenue Taxes
Year:
1946
Category:
Other
Date Approved:
September 30, 1946
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 provides for the exemption of new and necessary industries from the payment of internal revenue taxes for a period of four years from their organization. The President, upon the recommendation of the Secretary of Finance, will determine the qualifications for industries to benefit from this exemption.Full Text
REPUBLIC ACT No. 35
An Act Authorizing the Exemption of New and Necessary Industries from the Payment of Internal Revenue Taxes
Be it enacted by the Senate and House of Representatives of the Philippine Congress Assembled:
Section 1. Any person, partnership, company, or corporation who or which shall engage in a new and necessary industry shall, for a period of four years from the date of the organization of such industry, be entitled to exemption from the payment of all internal revenue taxes directly payable by such person, partnership, company, or corporation in respect to said industry.
Section 2. The President of the Philippines, shall, upon recommendation of the Secretary of Finance, periodically determine the qualifications that the industries should possess to be entitled to the benefits of this Act.
Section 3. This Act shall take effect upon its approval.
Approved: September 30, 1946
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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.