Profit Character of the Authority; Exemption from Taxes.
Section 10
SEC. 10. Profit Character of the Authority; Exemption from Taxes. — The Authority shall be operated for profit and fifty (50) percent of such profit shall be turned over to the Philippine Veterans Investment Development Corporation and the remaining balance shall be plowed back for operation, maintenance and administration of the Industrial Areas and the Authority, to pay its indebtedness and obligations, in furtherance and effective implementation of the policy enunciated in Section 1 of this Decree. In consonance therewith, the Authority is hereby declared exempt from all internal revenue taxes as well as tariff and custom duties on imports of capital goods required for its operations, as well as all wharfage dues and such other custom fees, charges and dues, of whatever nature and kind, in the conduct and exercise of its powers, functions and operations. The foregoing exemptions may however be entirely or partially lifted by the President of the Philippines upon recommendation of the Secretary of Finance if the President shall find the Authority to be self-sustaining and financially capable by then to pay such taxes, customs duties, fees and other charges, after providing for debt service requirements of the Authority and its projected capital and operating expenditures.