REPUBLIC ACT NO. 4620 - AN ACT TO AMEND CERTAIN SECTIONS OF REPUBLIC ACT NUMBERED THIRTY-ONE HUNDRED TWENTY-SEVEN, AS AMENDED
1. The second paragraph of Section three of Republic
Act Numbered Thirty-one hundred twenty-seven, as amended, is further
amended to read as follows: |
"The term basic chemical industries, including fertilizers, shall refer to the manufacture of basic industrial chemicals such as acids, alkalis, salts, except calcium hydroxide, intermediates, dyes, colour lakes and toners; explosives; ammunitions; synthetic resins; synthetic rubber; fertilizers; all chemicals for the production of medicants and insecticides; petro-chemical; bitumen; sucrochemical; and coke and coal chemicals."
Sec. 2. Subsection (a), (b) and (c) of Section six of the same Act are amended to read as follows:
"(a) One hundred per centum of the taxes due during the period from the date of approval of this Act to December thirty-first, nineteen hundred sixty-seven;
"(b) Seventy-five per centum of the taxes due during the period from January first, nineteen hundred sixty-eight to December thirty-first, nineteen hundred sixty-nine;
"(c) Fifty per centum of the taxes due during the period from January first, nineteen hundred and seventy to December thirty-first, nineteen hundred and seventy-one after which such person, partnership, company or corporation shall be liable in full to all taxes;"
Sec. 3. This Act shall take effect upon its approval.
Approved: June 19, 1965