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. 762
|
PRESIDENTIAL DECREE NO. 762 -
AMENDING Section ONE OF PRESIDENTIAL DECREE NO. 697 ENTITLED
"AUTHORIZING THE EXEMPTION FROM PAYMENT OF DONOR'S TAX AND
RECOGNIZING AS DEDUCTIBLE BUSINESS EXPENSE IRREVOCABLE DONATIONS
OF AMERICAN-OWNED PRIVATE LANDS ACQUIRED UNDER THE LAUREL-LANGLEY
AGREEMENT"
|
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: chanroblesvirtualawlibrary
Section 1. Section 1 of Presidential Decree
No. 697, dated May 9, 1975, is hereby amended to read as
follows: chanroblesvirtualawlibrary
"Sec. 1. The provisions of the National Internal
Revenue Code, as amended, and other laws to the contrary
notwithstanding, irrevocable donations of American-owned private
lands acquired under the Laurel-Langley Agreement shall be exempt from
payment of donor's tax provided that such donations meet the
following requirements:cralaw:red
"a. Donations of private lands shall be at the fair
market value as evidenced by the amount established in 1974 as a basis
for real estate tax payment.
"b. Donations shall be made in favor of the
following qualified donees:cralaw:red
"1. The National Government or any entity
created by any of its agencies which is not conducted for profit
or to any political subdivision of the said Government.
"2. Any charitable or scientific organization with a
nationwide scope of activities and widely recognized as such, i.e.,
Philippine Red Cross, Community Chest, Boy Scouts of the Philippines,
Philippine Heart Foundation."
Section 2. This Decree shall take effect immediately.
Done in the City of Manila,
this 1st day of August, in the year of Our Lord, nineteen hundred and
seventy-five.
|
Back
to Home
- Back
to Main
chanroblesvirtuallawlibrary
Since 19.07.98
|
