AN ACT AMENDING CERTAIN PROVISIONS OF REPUBLIC ACT NO. 7471
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AN ACT AMENDING CERTAIN PROVISIONS OF REPUBLIC ACT NO. 7471
Republic Act No. 9301
July 27, 2004
Case Overview and Summary
Summary of Republic Act No. 9301Definitions (Section 3)
- Philippine overseas shipping: Operation of a Philippine shipping enterprise in overseas trade for transport of goods/passengers, purchase/sale of ships, excluding operation solely between Philippine ports.
Tax Exemption (Section 7)
- Philippine shipping enterprises are exempt from income tax on overseas shipping income for 10 years from the Act's approval, provided that:
- At least 85% of net income is reinvested in construction, purchase, acquisition of vessels/equipment or modernization within 7 years after exemption period ends or until fully paid.
- Amounts not reinvested or withdrawn early are subject to income tax, penalties, surcharges and interests.
Penalties (Section 12)
- Violations are punishable by a fine of up to ₱100,000 or up to 5 years imprisonment, or both.
- For corporations/associations, penalties apply to the president, CEO and responsible officials/employees.
- For government officials/employees, dismissal from service with accessory penalties in addition to the fines/imprisonment.
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Law
AN ACT AMENDING CERTAIN PROVISIONS OF REPUBLIC ACT NO. 7471
Republic Act No. 9301
•July 27, 2004
Republic of the Philippines
Congress of the Philippines
Metro Manila
Twelfth CongressThird Regular Session
Begun and held in Metro Manila, on Monday, the twenty-eight day of July, two thousand three.
Republic Act No. 9301             July 27, 2004
AN ACT AMENDING CERTAIN PROVISIONS OF REPUBLIC ACT NO. 7471, ENTITLED "AN ACT TO PROMOTE THE DEVELOPMENT OF PHILIPPINE OVERSEAS SHIPPING" AND FOR OTHER PURPOSES
Be it enacted by the Senate and House of Representatives of the Philippines in Congress assembled:
Section 1. Section 3(a) of Republic Act No. 7471 is hereby amended as follows:
"SEC. 3. Definitions. As used in this Act:
"(a) Philippine overseas shipping means the operation of a Philippine shipping enterprise in the overseas trade of any type of Philippine registered ship for any kind of shipping operation, which shall include, but shall not be limited to the transport of goods and/or passengers, and the purchase of ships for operation and the sale of ships after operation, except when the ship is operated solely between ports in the...
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