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REPUBLIC ACT NO. 3823 - AN ACT
INSERTING SECTION SEVENTY-NINE-A IN COMMONWEALTH ACT NUMBERED ONE
HUNDRED
THIRTY-SEVEN, OTHERWISE KNOWN AS THE MINING ACT, TO GRANT TAX
EXEMPTIONS TO CERTAIN MINES
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Section
1. There is hereby inserted after Section
Seventy-Nine, Chapter VI of the Mining Act, a new section which shall
read as follows:
"Sec.
79-A. However, new mines, and old mines which
resume operation, when certified to as such by the Secretary of
Agriculture and Natural Resources upon the recommendation of the
Director of Mines, shall be granted five years complete tax exemptions,
except income tax, from the time of its actual bona fide orders for
equipment for commercial production.
"If any of the tax-exempt articles acquired under this provision are sold, transferred or otherwise disposed of within a period of five years from such tax-exempt acquisition, all taxes and duties which would have been due at the time of such acquisition shall become due and payable, together with all interests and surcharges, and which amount shall constitute a lien on these properties." Sec. 2. All laws and regulations, or part thereof, which are inconsistent with the provisions of this Act are hereby amended or repealed. Sec. 3. This Act shall take effect upon its approval. Approved: June 22, 1963 |
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