Amendment on San Ferdo Electric Franchise Tax

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Republic Act No. 3660: Amendment on San Ferdo Electric Franchise Tax

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Title Supreme Court: Amendment on San Ferdo Electric Franchise Tax

Law: Republic Act No. 3660

Decision Date: Jun 22, 1963

An amendment to Republic Act No. 3207 grants the San Fernando Electric Light and Power Co., Inc. a franchise to operate an electric power system in San Fernando, Pampanga, and imposes a two percent franchise tax on the company's gross earnings, exempting it from other taxes on its capital stock, franchise, and property.

amendment

franchise grant

electric power system

Franchise Tax Imposition

The grantee company shall pay a franchise tax to the Philippine Treasury.
The tax rate is two percent (2%) of the gross earnings from electric current sold under the franchise.
This tax requirement overrides any laws that might suggest otherwise.

Tax Exclusivity and Protection

Upon the date of the original franchise grant, the grantee is exempt from other taxes on:
- Capital stock
- Franchise itself
- Right-of-way earnings
- All other property owned or operated under the franchise
The only tax levied is the 2% franchise tax on gross earnings as provided.

Effectivity

The amendment takes effect upon approval, specifically June 22, 1963.

END