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PRESIDENTIAL DECREE NO. 1027
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PRESIDENTIAL DECREE NO. 1027 -
AMENDING Section SIXTEEN OF PRESIDENTIAL DECREE NUMBERED EIGHT HUNDRED
FIVE
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I,
FERDINAND E. MARCOS, President of the Philippines, by virtue of the
powers vested in me by the Constitution, in order to effect minor
amendments to existing law and correction of certain typographical
errors therein, do hereby order and decree the following amendment of
Section Sixteen of Presidential Decree No. 805 which shall read as
follows:cralaw:red
"Section 16. Exemption from Taxes. — Any provision of
existing laws to the contrary notwithstanding, any donation,
contribution, bequest, subsidy or financiald which may be made to the
Project shall be exempt from taxes of any kind, and shall constitute
allowable deductions in full from the income of the donors for income
tax purposes.
"The assets of the Project and its commodity requirements procured from
local and foreign suppliers shall be exempt from all taxes, duties,
fees, charges, imposts, licenses and assessments, direct or indirect,
imposed by the Republic of the Philippines or any political subdivision
or taxing authority thereof."phil
This Decree shall take effect immediately.
Done in the City of Manila,
this 22nd day of September in the year of Our Lord, nineteen hundred
and seventy-six.
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