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REPUBLIC ACT NO. 3660 - AN ACT TO
AMEND REPUBLIC ACT NUMBERED THIRTY-TWO HUNDRED SEVEN, ENTITLED "AN ACT
GRANTING THE SAN FERNANDO ELECTRIC LIGHT AND POWER CO., INC., A
FRANCHISE FOR AN ELECTRIC LIGHT, HEAT AND POWER SYSTEM IN THE
MUNICIPALITY OF SAN FERNANDO, PROVINCE OF PAMPANGA"
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Section
1. Republic Act Numbered Thirty-two hundred seven is
hereby amended by inserting between sections two and three thereof the
following new section:
"Sec.
2-A. In consideration of the franchise and
rights hereby granted, the grantee shall pay into the Treasury of the
Philippines a franchise tax equal to two per centum of the gross
earnings for electric current sold under this franchise. Provision of
laws to the contrary notwithstanding, the franchise tax equal to two
per centum of the gross earnings of the grantee shall be respected.
Effective upon the date the original franchise was granted, no other
tax upon its capital stock, franchise, right of way, earnings and all
other property owned or operated by the grantee under this concession
or franchise shall be levied or assessed on the herein grantee except
the franchise tax of two per centum of the gross earnings mentioned in
the said original franchise."
Sec. 2. This Act shall take effect upon its approval. Approved: June 22, 1963 |
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