Exemption from tax.
Section 12
SEC. 12. Exemption from tax.—The Authority shall be exempt from all taxes incidental to its operation: Provided, That its subsidiary corporations shall be subject to all said years after their establishment under a graduated scale as follows: twenty per centum of all said taxes during sixth year, forty per centum of all said taxes during the seventh year, sixty per centum of all said taxes during the eight year, eighty per centum of all said taxes during the ninth year, and one hundred per centum of all said taxes during the tenth year, after their establishment Such exemptions shall include any tax or fee imposed by the government on the sale, purchase or transfer of foreign exchange. All notes, bonds and debentures and other obligations issued by the Authority shall be exempt from all taxes as to principal and interest, except inheritance and gift taxes.