Non-profit Character of the ZAMBOECOZONE Authority.
Section 8
SEC. 8. Non-profit Character of the ZAMBOECOZONE Authority. - The ZAMBOECOZONE Authority shall be non-profit and shall devote the use of its returns from capital investments, as well as excess revenues from its operations, for the development, improvement, and maintenance and other related expenditures of the ZAMBOECOZONE Authority to pay its indebtedness and obligations and in furtherance and effective implementation of the policy provided in this Act. In consonance with this, the ZAMBOECOZONE Authority is hereby declared exempt from the payment of all taxes, duties, fees, imposts, charges, costs and service fees in any court or administrative proceedings in which it may be a party. The foregoing exemptions may however be entirely or partially lifted by the President of the Philippines upon the recommendation of the Secretary of Finance, not earlier than five (5) years from the effectivity of this Act, 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 ZAMBOECOZONE Authority and of its projected capital and operating expenditures.