A
collection of Philippine laws, statutes and codes
not
included or cited in the main
indices
of
the
Chan Robles Virtual Law Library
PRESIDENTIAL DECREE NO. 507
PRESIDENTIAL DECREE NO. 507
- EXEMPTING DONATIONS AND/OR CONTRIBUTIONS AND REQUEST TO SOCIAL
WELFARE, CULTURAL AND CHARITABLE INSTITUTIONS FROM CERTAIN TAXES AND
PROVINCIAL TAX ALLOWANCE THEREFOR
|
chanroblesvirtualawlibrary
WHEREAS,
non-profit social welfare, cultural and charitable institutions operate
generally on funds generated through donations;chanroblesvirtualawlibrary
WHEREAS, these non-profit institutions are viable instruments for
social welfare and cultural development of the country;chanroblesvirtualawlibrary
WHEREAS, the success of the mission of these institutions depends
largely on the sufficiency of their financial resources;
and chanroblesvirtualawlibrary
WHEREAS, it is necessary to encourage donations to these institutions
in order to enable them to acquire the necessary funds for their
continue operations.
NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines,
by virtue of the powers vested in me by the Constitution, do hereby
decree and order:cralaw:red
Section 1. Any provision of law, decree, rules and
regulations to the contrary notwithstanding, all gifts, bequests,
donations and/or contributions to social welfare, cultural and
charitable institutions, no part of the net income of which inures to
the benefit of any individual, shall be exempt from the donor's and
estate taxes and shall be deductible in full in computing the taxable
net income of the donor. Provided, however, that not more than thirty
per centum of said gifts and bequests shall be used by such donee for
administration purposes.
The Secretary of Finance, upon recommendation of the Commissioner of
Internal Revenue, shall promulgate rules and regulations to implement
this Decree.
Section 2. All laws, decrees, orders, rules and
regulations inconsistent herewith are hereby repealed and/or modified
accordingly.
Section 3. This Decree shall take effect immediately.
DONE in the City of Manila,
this 16th day of July, in the year of Our Lord, nineteen hundred and
seventy-four.
|
Back
to Home
- Back
to Main
chanroblesvirtuallawlibrary
Since 19.07.98
|