SECTION 1. Section one of Republic Act Numbered Nine hundred one is amended to read as follows:
"SECTION 1. Any person, partnership, company or corporation who or which, subsequent to the approval of this Act, shall engage in a new and necessary industry shall be entitled to exemption until December thirty-one, nineteen hundred and fifty-eight from payment of all taxes directly payable by such person, partnership, company or corporation in respect to said industry and to a diminishing exemption during the following four years as follows: ninety per centum of all said taxes during the period from January first to December thirty-one, nineteen hundred and fifty-nine; seventy-five per centum of all said taxes during the period from January first to December thirty-one, nineteen hundred and sixty; fifty per centum of all said taxes during the period from January first to December thirty-one, nineteen hundred and sixty-one; and ten per centum of all said taxes during the period from January first to December thirty-one, nineteen hundred and sixty-two; after which such person, partnership, company, or corporation shall be liable in full to all taxes: Provided, That income received by such person, partnership, company or corporation from July first, nineteen hundred and fifty-nine, shall be subject to the full tax provided in Title II of the National Internal Revenue Code: Provided, further, That machinery and spare parts thereof, and raw materials of tax-exempt industries shall be exempted from taxes, except the special import tax and new taxes which may hereafter be imposed, if the Secretary of Finance, the Secretary of Commerce and Industry and the Chairman of the National Economic Council, after investigation, find (a) that, considering the capacity of the plant or factory concerned, the said machinery and spare parts, and raw materials arc actually needed and will be used exclusively by the grantee in the manufacture of articles covered by the tax exemption and (b) that the foreign exchange allocation and related documents covering the importation are in the name of the importing tax-exempt industry to whom the goods shall be delivered directly by the customs authorities; Provided, further, That the tax exemption provided for in this Act shall not include any company or person engaged in the processing of oil, gasoline, lubricants and other similar fuels and by-products: Provided, still further, That those who or which were declared engaged in a new and necessary industry under the provisions of Republic Act Numbered Thirty-five and still enjoying exemption thereunder from all internal revenue taxes for a period of four years, shall automatically be entitled to exemption under this Act, but in no case shall the total number of years of their exemption, both under Republic Act Numbered Thirty-five and this Act, be for more than ten years. A grantee of tax exemption under Republic Act Numbered Thirty-five whose exemption has expired Prior to the approval of this Act shall, upon application filed within three months from the approval of this Act if found to be still qualified under the provisions of law and regulations pursuant to which its exemption granted, be entitled to tax exemption under this Act for a period of six years from the approval hereof."