Exemption from Taxes.
Section 26
SEC. 26. Exemption from Taxes. — The Authority and its subsidiaries shall be exempt from all taxes, licenses fees, and duties incidental to their operation to the following extent: With respect to all transactions, properties and effects pertaining to or attributable to the Capital Fund for Operation, except income which shall be gradually taxable at corporate sales to the following extent: % of Income Subject to tax Period Into Operation — ........................................................... 1st to 2nd years 25 ........................................................... 3rd to 4th years 50 ........................................................... 5th to 6th years 75 ........................................................... 7th to 8th years 100 ........................................................... 9th year onwards With respect to all transactions, properties, effects accruing, pertaining or attributable to subsidiaries, to the extent allowed to pioneer enterprises registered under Republic Act No. 5188, as amended, otherwise known as the Investments Incentives Act.