Scope and Application of Tax Exemptions
- The amendment clarifies the scope of tax exemptions applicable to the National Power Corporation.
- The exemption applies to all taxes except the real property tax.
- Duties, fees, imposts, charges, and other restrictions by national or local government authorities continue to be exempted.
Legal Effectivity and Implementation
- The law takes effect immediately upon approval.
- Ensures the National Power Corporation is liable to pay real property tax despite other tax exemptions.
Key Legal Provisions
- Withdrawal of exemption specifically targets real estate tax obligations of the National Power Corporation.
- Maintains the corporation's tax-free status on other financial obligations to facilitate its indebtedness payment.
Important Legal Concepts
- Tax exemption is selectively applied to balance government revenue interests with supporting a government-owned corporation.
- Real property tax liability enhances fiscal contributions from the National Power Corporation to local government units where properties are located.
- The amendment reflects legislative intent to provide financial relief while ensuring local tax revenues are not unduly diminished.