Sec.
2. The income derived exclusively
by non-resident citizens of the United States or by corporations
organized
under the laws of the United States of any of its political
subdivisions
from the operation of ships documented under the laws of the United
States,
except income derived by such citizens or corporations from the
operation
of a ship or ships in the Philippine coastwise trade, shall not be
included
in the computation of the residence tax collectible under Commonwealth
Act Numbered four hundred and sixty-five, entitled "An Act to impose a
Residence Tax."
Sec.
3. The exemptions herein
provided shall be allowable if and when the Government of the United
States
grants an equivalent exemption to non-resident citizens of the
Philippines
in the United States and to corporations organized in the Philippines
with
regard to their income derived exclusively from the operation of ships
documented under the laws of the Philippines.
Sec. 4. This Act shall take effect upon its approval.chan robles virtual law library
|
|
|
|
|
|
