WHEREAS,
under Presidential Decree No. 261, as amended by Presidential Decree
No. 304 and as incorporated in Presidential Decree No. 464, the realty
tax on real property directly and exclusively used for educational
purposes shall begin to accrue on January 1, 1975; chanroblesvirtualawlibrary
WHEREAS, educational institution have to be given ample time within
which to re-structure their finances in such a manner and under such
arrangement as will enable them to meet their real property tax
obligations promptly without unduly increasing the cost of education;chanroblesvirtualawlibrary
WHEREAS, there is a need to cushion the impact of the realty tax on
which could best be achieved through a descending rate of discount on
their real property tax obligations;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:cralaw:red
1. All land, building and other improvements
directly and exclusively used for educational purposes shall be subject
to the payment of the basic realty tax only and not to the additional
one per cent tax accruing to the Special Education Fund created under
Republic Act No. 5447; Provided, however, That such properties located
within the Metropolitan Manila shall be subject to the additional real
property tax of one-eight of one per cent of their assessed value, the
proceeds of which shall accrue to the Greater Manila Metropolitan Area
Flood Control and Drainage Fund Account created under President Decree
No. 18;chanroblesvirtualawlibrary
2. If the basic real property tax preferred to in
paragraph one hereof is paid in full within the prescribed period of
payment as provided for under Section 60 of Presidential Decree No.
464, the taxpayer shall be granted a discount as follows;chanroblesvirtualawlibrary
60% on the tax due and payable during the year 1975;chanroblesvirtualawlibrary
40% on the tax due and payable during the year 1976; and
20% on the tax due and payable during the year 1977.
The Secretary of Finance shall formulate the rules and regulations for
the proper implementation of this Decree.
This Decree shall from part of the land and shall take effect on
January 1, 1975. All laws, decrees, orders, rules and regulations which
are inconsistent with this Decree are hereby repealed or modified
accordingly.
DONE in the City of Manila,
this 20th day of March, in the year of Our Lord, nineteen hundred and
seventy-five.
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