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PRESIDENTIAL DECREE NO. 373
PRESIDENTIAL DECREE NO. 373 -
EXEMPTING FROM TAXATION ALL DONATIONS TO THE NATIONAL MUSEUM, THE
NATIONAL LIBRARY AND THE ARCHIVES OF THE NATIONAL HISTORICAL INSTITUTE
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WHEREAS,
museums, national libraries and archives depend mostly on donations for
the support of their projects or the acquisition of items for their
collections. chanroblesvirtualawlibrary
WHEREAS, in most countries donations to museums, national libraries and
archives are tax-exempt, like donations to charitable institutions.
WHEREAS, many collectors have expressed willingness to donate items to
the National Museum, the National Library and our archives under the
National Historical Institute but are deterred by present taxation
policies. chanroblesvirtualawlibrary
NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines,
by virtue of the powers vested in me by the Constitution as
Commander-in-Chief of all Armed Forces of the Philippines, and pursuant
to Proclamation No. 1081, dated September 21, 1972, and General Order
No. 1, dated September 22, 1972, do hereby decree, order and make part
of the law of the land, the following:cralaw:red
Section 1. All monetary contributions and the
equivalent monetary value of works of art, manuscript, books or other
articles of cultural, historical or scientific significance, donated to
the National Museum, the National Library and the National Historical
Institute, are tax exempt and deductible from the taxable income of the
donor.
Section 2. The Director of the National Museum, the
Director of the National Library and the Chairman of the National
Historical Institute, in the case of the national archives, are each
hereby authorized to convene a panel of experts who shall pass on the
merit of the item or items offered as donation to their respective
collections and shall determine the valuation thereof.
Section 3. All laws inconsistent with this Decree are
hereby repealed or modified accordingly.
Section 4. This Decree shall take effect immediately.
Done in the City of Manila,
this 9th day of January, 1974.
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