An Act to Amend Section Sixty-Six of the Philippine Non-Agricultural Co-Operative Act

REPUBLIC ACT No. 4362

An Act to Amend Section Sixty-Six of the Philippine Non-Agricultural Co-Operative Act

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

Section 1. Subsection (2) of Section sixty-six of Republic Act Numbered Two thousand and twenty-three, otherwise known as the Philippine Non-agricultural Cooperative Act, is amended to read as follows:

Section 2. This Act shall take effect upon approval.

Approved: June 19, 1965.

"Sec. 66. Exemptions.— Co-operatives registered under this Act shall, notwithstanding the provisions of existing law to the country, enjoy the following exemptions:

"(1) Co-operatives with net assets of not more than five hundred thousand pesos shall be exempt from all taxes and government fees of whatever name and nature except those provided for under this Act: Provided, However, That co-operatives having net assets in excess of five hundred thousand pesos shall pay taxes as provided hereunder:

"(2) They shall be exempt from the payment of documentary stamp tax, residence taxes, tax on banks and insurance companies and municipal or city taxes: Provided, However, That no co-operative organized under this Act shall be exempt from the payment of specific taxes levied by the National Internal Revenue Code on all articles or merchandise manufactured by such co-operative."