Non-profit Character of the Authority; Exemption from Taxes.
Section 10
SEC. 10. Non-profit Character of the Authority; Exemption from Taxes.—The Authority shall be non-profit. After providing for the amortization of the loans with the Asian Development Bank and other financial institutions to finance the Navotas Fisheries Port Project, it shall use the balance of the returns from its capital investment and from the excess revenues from its operations for the development, improvement and maintenance of the fish ports and other related expenditures of the Authority, provided that such outlays and expenditures are incorporated in the Annual The Authority shall be exempted from the payment of income tax. The foregoing exemption may however be entirely or partly lifted by the President of the Philippines, upon recommendation of the Secretary of Finance, not earlier than five years from the approval of this Decree, if the President shall find the Authority to be self-sustaining and financially capable to pay such tax after providing for debt service requirements of the Authority and its projected capital and operating expenditures.