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PRESIDENTIAL DECREE NO. 697
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PRESIDENTIAL DECREE NO. 697 -
AUTHORIZING THE EXEMPTION FROM PAYMENT OF DONOR'S TAX AND RECOGNIZING
AS DEDUCTIBLE BUSINESS EXPENSE IRREVOCABLE DONATIONS OF AMERICAN-OWNED
PRIVATE LANDS ACQUIRED UNDER THE LAUREL-LANGLEY AGREEMENT
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chanroblesvirtualawlibrary
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. The provisions of the National Internal
Revenue Code, as amended, and other laws to the contrary
notwithstanding, irrevocable donations of American-owned private lands
acquired under the Laurel-Langley Agreement shall be exempt from
payment of donor's tax provided that such donations meet the following
requirements:cralaw:red
a) Donations of private lands shall be at the fair
market value as evidenced by the amount established in 1974 as a basis
for real estate tax payment. chanroblesvirtualawlibrary
b) Donations shall be made in favor of the following
qualified donees:cralaw:red
1) The National Government or any entity created by
any of its agencies which is not conducted for profit or to any
political subdivisions of the said Government.
2) Any organization for whom donations made in its
favor are exempted by other laws from payment of donor's tax.
3) Any charitable or scientific organization with a
nationwide scope of activities and widely recognized as such, i.e.,
Philippine Red Cross, Community Chests, Boy Scouts of the Philippines,
Philippine Heart Foundations.
Section 2. Donations not qualified. The exemption
granted herein shall not apply to donations made in favor of family
owned and/or controlled foundations or foundations created specifically
for the purpose of receiving donations of lands or foundations created
for a limited scope or purpose.
Section 3. The provisions of the National Internal
Revenue Code, as amended, to the contrary notwithstanding qualified
donations shall be recognized as deductible business expense item for
income tax purposes, provided that the donor shall expressly indicate
in the donations proposals the period not exceeding four (4) years;
including the year of donation, over which the expense deductions shall
be taken in equal increments. chanroblesvirtualawlibrary
The incentives granted under this decree shall be available only to
American private landowners who submit formal donation proposals to
qualified donees before May 27, 1975.
Section 4. This Decree shall take effect
immediately. chanroblesvirtualawlibrary
DONE in the City of Manila,
this 9th day of May, in the year of Our Lord, nineteen hundred and
seventy-five.
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