Section 1
SECTION 1. Any person, partnership, company or corporation who or which, subsequent to the approval of this Act, shall engage in a new and necessary industry shall be entitled to exemption until December thirty-one, nineteen hundred and fifty-eight from payment of all taxes directly payable by such person, partnership, company Or corporation in respect to said industry and to a diminishing exemption during the following four years as follows: ninety per centum of all said taxes during the period from January first to December thirty-one, nineteen hundred and fifty-nine; seventy-five per centum of all said taxes during the period from January first to December thirty. one, nineteen hundred and sixty; fifty per centum of all said taxes during the period from January first to December thirty-one, nineteen hundred and sixty-one; and ten per centum of all said taxes during the period from January first to December thirty-one, nineteen hundred and sixty-two; after which such person, partnership, company, or corporation shall be liable in full to all taxes: Provided, however, That a grantee of tax exemption, whether under Republic Act Numbered Thirty-five or this Act, shall be subject to the full income tax after it shall have enjoyed tax exemption for six years: Provided, further, That the tax exemption provided for in this Act shall not include any company or person engaged in the processing of oil, gasoline, lubricants and other similar fuels and by-products: Provided, still further, That those who or which were declared engaged in a new and necessary industry under the provisions of Republic Act Numbered Thirty-five and still enjoying exemption thereunder from all internal revenue taxes for a period of four years, shall automatically be entitled to exemption under this Act, but-in no case shall the total number of years of their exemption, both under Republic Act Numbered Thirty-five and this Act, be for more than ten years. A grantee of tax exemption under Republic Act Numbered Thirty-five whose exemption has expired prior to the approval of this Act shall, upon application filed within three months from the approval of this Act and if found to be still qualified under the provisions of the law and regulations pursuant to which its exemption was granted, be entitled to tax exemption under this Act for a period of six years from the approval hereof.