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PRESIDENTIAL DECREE NO. 698
PRESIDENTIAL DECREE NO. 698 -
AUTHORIZING THE EXEMPTION FROM PAYMENT OF GIFT TAXES AND RECOGNIZING AS
DEDUCTIBLE BUSINESS EXPENSE ITEM IRREVOCABLE DONATIONS TO THE NATIONAL
DEVELOPMENT COMPANY OF AMERICAN-OWNED PRIVATE LANDS ACQUIRED UNDER THE
LAUREL-LANGLEY AGREEMENT
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chanroblesvirtualawlibrary
I,
FERDINAND E. MARCOS, President of the Philippines, by virtue of the
powers vested in me by the Constitution, do hereby order and decree
that:cralaw:red
Section 1. The provisions of any existing law to the
contrary notwithstanding, irrevocable donations to the National
Development Company of American-owned private lands acquired under the
Laurel-Langley Agreement shall be exempt from all kinds of gift taxes.
Section 2. Abovementioned donations shall likewise be
recognized as a deductible business expense item for income tax
purposes, provided that the donor shall expressly indicate in the
donation proposal the period not exceeding four (4) years, including
the year of donation, over which the expense deductions shall be taken
in equal increments. chanroblesvirtualawlibrary
Section 3. Incentives provided under this Decree shall be available
only to donors who submit formal donation proposals to the National
Development Company before May 27, 1975.
This Decree shall take effect immediately. chanroblesvirtualawlibrary
DONE in the City of Manila,
this 9th day of May, in the year of Our Lord, nineteen hundred and
seventy-five.
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