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PRESIDENTIAL DECREE NO. 1591
PRESIDENTIAL DECREE NO. 1591 -
EXEMPTING FROM ALL TAXES THE EARNINGS OF INVESTMENTS OF THE FOUNDATION
FOR YOUTH DEVELOPMENT IN THE PHILIPPINES, INC.
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WHEREAS,
the Foundation for Youth Development in the Philippines, Inc. (FYDP) is
a non-stock, non-profit foundation duly registered with the Securities
and Exchange Commission, and a social welfare organization, no part of
the net income of which inures to the benefit of any of its
members; chanroblesvirtualawlibrary
WHEREAS, among its purposes is to promote, support and maintain
coordinated, systematic, active and extensive participation of public
and private institutions and/or individuals in the broad field of
education for youth, particularly those out of school; and to formulate
plans for the improvement of extension education, including practical
ways and means of moving from the non-stock corporation type of
organization to the endowed educational foundation.
WHEREAS, in the pursuit of its goals the FYDP needs funds and resources
to support its operations and activities;chanroblesvirtualawlibrary
WHEREAS, at present the earnings of investments of the FYDP are being
subject to tax, including the 15% Withholding Tax on bank deposits; and
WHEREAS, considering the social welfare nature of its activities and
undertakings for youth development, which makes it a partner of
government in this regard, it is but fitting and proper that its
earnings be exempt from taxes.
NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines,
by virtue of the powers vested in me by the Constitution, do hereby
order and decree:cralaw:red
Section 1. Any provision of existing laws to the
contrary notwithstanding, the earnings of the Foundation for Youth
Development in the Philippines, Inc. from its investments and bank
deposits shall be exempt from any and all taxes to which they are
otherwise subject.
Section 2. All laws, decrees, orders, rules and
regulations or parts thereof inconsistent herewith are hereby repealed
or modified accordingly.
Section 3. This Decree shall take effect immediately.
Done in the City of Manila,
this 11th day of June, in the year of Our Lord, nineteen hundred and
seventy-eight.
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