WHEREAS,
under Presidential Decree No. 464, otherwise known as the Real Property
Tax Code, which was further amended by Presidential Decree No. 675, the
basic tax on real property directly and exclusively used for
educational purposes had accrued on January 1, 1975; chanroblesvirtualawlibrary
WHEREAS, private educational institutions have requested for an
extension of time within which to adjust their finances for them to be
able to meet their real property tax obligations promptly;chanroblesvirtualawlibrary
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 as part of the laws of the land the following:cralaw:red
Section 1. The basic tax on real property directly
and exclusively used for educational purposes shall begin to accrue on
January 1, 1977, instead of January 1, 1975 as provided for under
Presidential Decree No. 675.
Section 2. Educational institutions which have paid
the corresponding real property taxes for the calendar year 1975 and
the first quarter of 1976 shall be given tax credits to the extent of
the amounts paid during the said periods, to be applied to their future
real property tax obligations. chanroblesvirtualawlibrary
Section 3. If the basic real property tax herein
referred to is paid in full within the quarterly periods of payment
prescribed under Section 60 of Presidential Decree No. 464, the
taxpayer shall be granted a tax discount of 20% on the tax due and
payable during the year 1977; and, thereafter, the provisions of
Presidential Decree No. 464, as amended, shall apply.
Section 4. The Secretary of Finance shall formulate
and issue the rules and regulations for the proper implementation of
this Decree.
Section 5. All laws, decrees, orders, rules and
regulations which are inconsistent with this Decree are hereby repealed
or modified accordingly.
Section 6. This Decree shall take effect immediately.
Done in the City of Manila,
this 10th day of August in the year of Our Lord, nineteen hundred and
seventy-six.
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