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PRESIDENTIAL DECREE NO. 304
PRESIDENTIAL DECREE NO. 304
- FURTHER AMENDING PRESIDENTIAL DECREE NO. 76 AS AMENDED BY
PRESIDENTIAL DECREE NO. 261 BY EXTENDING THE DATE OF ACCRUAL OF THE
BASIC TAX ON REAL PROPERTY ACTUALLY, DIRECTLY AND EXCLUSIVELY USED BY
THE OWNER THEREOF FOR EDUCATIONAL PURPOSES
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WHEREAS, in
accordance with the provisions of the new Constitution, real property
used exclusively for educational purposes are no longer among those
exempted from the real property tax;chanroblesvirtualawlibrary
WHEREAS, educational institutions have made representations that they
be given sufficient time to adjust their financial plans in order that
they may be able to provide adequate funds for the prompt payment of
real property taxes;chanroblesvirtualawlibrary
NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines,
by virtue of the powers vested in me by the Constitution as
Commander-in-Chief of all the Armed Forces of the Philippines, and
pursuant to Proclamation No. 1081, dated September 21, 1972, and
General Order No. 1, dated September 21, 1972, as amended, do hereby
decree and order that:cralaw:red
1. The realty tax on real property actually,
directly, and exclusively used by the owner thereof for educational
purposes as prescribed under Presidential Decree No. 261 shall begin to
accrue on January 1, 1975 instead of January 1, 1974;chanroblesvirtualawlibrary
2. Such real projection shall be listed and assessed
for taxation purposes during the calendar year 1974 on the basis of
fifteen per cent (15%) of their current and fair market values in
accordance with the provisions of Presidential Decree No. 76, as
amended by Presidential Decree No. 261.
This Decree shall form part of the laws of the land and shall take
effect immediately. All laws, orders, rules and regulations which are
inconsistent with this Decree are hereby repealed or modified
accordingly. chanroblesvirtualawlibrary
Done in the City of Manila,
this 2nd day of October, in the year of Our Lord, nineteen hundred and
seventy-three.
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