REPUBLIC ACT NO. 4114 - AN ACT TO FURTHER AMEND THE FIRST PARAGRAPH OF SECTION FIFTEEN OF ARTICLE EIGHT OF REPUBLIC ACT NUMBERED ELEVEN HUNDRED AND THIRTY-FIVE, ENTITLED "AN ACT ESTABLISHING THE PHILIPPINE TOBACCO ADMINISTRATION, DEFINING ITS OBJECTIVES, POWERS AND FUNCTIONS, AND FOR OTHER PURPOSES," BY EXTENDING THE CAPITALIZATION, AND FOR OTHER PURPOSES
1. The first paragraph of Section fifteen, Article
eight of Republic Act Numbered Eleven hundred and thirty-five, as
amended by Republic Act Numbered Twenty-two hundred and thirty-three,
is hereby further amended to read as follows: |
"Sec. 15. Capitalization. – To carry out the purpose of this Act, there is created a special fund to be known as the "Tobacco Industry Promotion Fund" which shall be taken from the taxes derived from the tobacco industry to be made available as follows: ten million pesos, which is hereby appropriated for the fiscal year nineteen hundred sixty four and nineteen hundred sixty-five, and, thereafter, an annual appropriation of ten million pesos is authorized for a period of five years, which shall be released not later than the end of the third quarter of every fiscal year. This fund will be apportioned in the following manner: fifteen per cent will be spent for operating expenses; seventy-five per cent will be used for native tobacco cigar fillers trading; and ten per cent for researches to improve the tobacco industry in all its phases."
Sec. 2. This Act shall take effect upon its approval.
Approved: June 20, 1964