Where a profit-seeking enterprise subscribes or underwrites for registered shares issued by a private institution participating in a major infrastructure project upon its incorporation or expansion, and has held such registered shares for a period of four years or more, such profit-seeking enterprise may credit up to twenty percent of the subscription price against the profit-seeking enterprise income tax payable for the current year according to Paragraph 1, Article 40 of the Act. Where the amount of profit-seeking enterprise income tax payable is less than the amount creditable, the balance thereof may be credited against the profit-seeking enterprise income tax payable in the four (4) ensuing years.
The total amount of investment credit against the payable profit-seeking enterprise income tax in each year as referred to in the preceding Paragraph shall not exceed fifty percent (50%) of the profit-seeking enterprise income tax payable by the profit-seeking enterprise concerned for the current year, provided, however, that this restriction shall not apply to the amount creditable in the last year of such a four-year period.