REPUBLIC ACT No. 4146
AN ACT TO AMEND SECTION TWO OF REPUBLIC ACT NUMBERED FOURTEEN HUNDRED AND SEVEN, ENTITLED "AN ACT TO BE KNOWN AS `THE PHILIPPINE OVERSEAS SHIPPING ACT OF NINETEEN HUNDRED AND FIFTY-FIVE."
Section 1. Section two of Republic Act Numbered Fourteen hundred and seven is amended to read as follows:
"Sec. 2. In pursuance of the above-declared policy any citizen of the Philippines, or any association or corporation organized under the laws of the Philippines, at least sixty per cent of the capital of which is owned by citizens of the Philippines, engaged or which shall engage exclusively in the overseas shipping business, or in the construction of modern boats for overseas service shall be exempt from the payment of income tax on income derived from his or its overseas shipping business for a period of ten years from the date of approval of this Act and for another five years after the expiration of said period, provided that all those who avail themselves of the loan assistance in this...
Details
Amends
n/a
Amended by
n/a
Republic Acts
AN ACT TO AMEND SECTION TWO OF REPUBLIC ACT NUMBERED FOURTEEN HUNDRED AND SEVEN
Republic Act No. 4146
Summary of Republic Act No. 4146
Amends Section 2 of Republic Act No. 1407 (The Philippine Overseas Shipping Act of 1955)
- Provides tax exemptions for Philippine citizens, associations, or corporations engaged in overseas shipping business or construction of modern boats for overseas service (Section 1):
• Exempt from income tax on income from overseas shipping business for 10 years from the date of approval of the Act (June 20, 1964)
• Exempt for another 5 years after the initial 10-year period
• Condition: All net profits realized during the exemption period must be invested in construction, purchase, acquisition of additional vessels and equipment, and/or improvement of vessels and equipment (Section 1)
• At least 60% of the capital must be owned by Philippine citizens for associations or corporations to qualify (Section 1)
- Effective upon approval (June 20, 1964) (Section 2)
Amends Section 2 of Republic Act No. 1407 (The Philippine Overseas Shipping Act of 1955)
- Provides tax exemptions for Philippine citizens, associations, or corporations engaged in overseas shipping business or construction of modern boats for overseas service (Section 1):
• Exempt from income tax on income from overseas shipping business for 10 years from the date of approval of the Act (June 20, 1964)
• Exempt for another 5 years after the initial 10-year period
• Condition: All net profits realized during the exemption period must be invested in construction, purchase, acquisition of additional vessels and equipment, and/or improvement of vessels and equipment (Section 1)
• At least 60% of the capital must be owned by Philippine citizens for associations or corporations to qualify (Section 1)
- Effective upon approval (June 20, 1964) (Section 2)