|REPUBLIC ACT NO. 1812 - AN
ACT TO EXEMPT FROM AMUSEMENT TAX, UNDER CERTAIN CONDITIONS, BOXING
EXHIBITIONS WHEREIN WORLD CHAMPIONSHIP IN ANY DIVISION IS AT STAKE,
AMENDING FOR THE PURPOSE THE NATIONAL INTERNAL REVENUE CODE |
|Section 1. The
National Internal Revenue Code is amended by inserting between sections
two hundred sixty-B and two hundred sixty-one thereof the following new
"Sec. 260-C. Certain boxing exhibitions exempted. – Boxing exhibitions wherein world championship in any division is at stake shall be exempt from amusement tax: Provided, That at least one of the contenders for world championship is a citizen of the Philippines, and said exhibitions are promoted by a citizen or citizens of the Philippines or by a corporation or association at least sixty per cent of the capital of which is owned by such citizens."
Sec. 2. This Act shall take effect upon its approval.
Approved: June 22, 1957