Republic Act No. 35




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.1âwphi1 Approved: September 30, 1946 The Lawphil Project - Arellano Law Foundation