Repealing Clauses.
Section 7
SEC. 7. Repealing Clauses. – (A) The provision of Section 17 of Republic Act No. 7906, otherwise known as the "Thrift Banks Act of 1995" shall continue to be in force and effect only until December 31, 1999. Effective January 1, 2000, all thrift banks, whether in operation as of that date or thereafter, shall no longer enjoy tax exemption as provided under Section 17 of R.A. No. 7906, thereby subjecting all thrift banks to taxes, fees and charges in the same manner and at the same rate as banks and other financial intermediaries. (B) The provisions of the National Internal Revenue Code, as amended, and all other laws, including charters of government-owned or -controlled corporations, decrees, orders or regulations or parts thereof, that are inconsistent with this Act are hereby repealed or amended accordingly.