An Act to Amend Certain Sections of Republic Act Numbered Thirty-One Hundred Twenty-Seven, as Amended

REPUBLIC ACT No. 4620

An Act to Amend Certain Sections of Republic Act Numbered Thirty-One Hundred Twenty-Seven, as Amended

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

Section 1. The second paragraph of Section three of Republic Act Numbered Thirty-one hundred twenty-seven, as amended, is further amended to read as follows:

Section 2. Subsection (a), (b) and (c) of Section six of the same Act are amended to read as follows:

Section 3. This Act shall take effect upon its approval.

Approved: June 19, 1965.

"The term basic chemical industries, including fertilizers, shall refer to the manufacture of basic industrial chemicals such as acids, alkalis, salts, except calcium hydroxide, intermediates, dyes, colour lakes and toners; explosives; ammunitions; synthetic resins; synthetic rubber; fertilizers; all chemicals for the production of medicants and insecticides; petro-chemical; bitumen; sucrochemical; and coke and coal chemicals."

"(a) One hundred per centum of the taxes due during the period from the date of approval of this Act to December thirty-first, nineteen hundred sixty-seven;

"(b) Seventy-five per centum of the taxes due during the period from January first, nineteen hundred sixty-eight to December thirty-first, nineteen hundred sixty-nine;

"(c) Fifty per centum of the taxes due during the period from January first, nineteen hundred and seventy to December thirty-first, nineteen hundred and seventy-one after which such person, partnership, company or corporation shall be liable in full to all taxes;"