Republic Act No. 3676: An act exempting the ramon magsaysay award foundation from the payment of taxes and fees, whether national or local, as well as constructions, gifts and donations given thereto

Republic Act No. 3676

An act exempting the ramon magsaysay award foundation from the payment of taxes and fees, whether national or local, as well as constructions, gifts and donations given thereto

An Act Exempting the Ramon Magsaysay Award Foundation from the Payment of Taxes and Fees, Whether National or Local, as Well as Constructions, Gifts and Donations Given Thereto

In plain language

This law exempts the Ramon Magsaysay Award Foundation from all national and local taxes and fees, and allows gifts, contributions, and donations to the foundation to be treated as allowable deductions for donors’ income tax purposes. The act takes effect upon its approval.

Exemption of the foundation from all national and local taxes and fees

Gifts, contributions, and donations to the foundation are allowable deductions for donors’ income tax purposes

The act takes effect upon approval

tax exemption

Ramon Magsaysay Award Foundation

Philippine law

REPUBLIC ACT No. 3676

An Act Exempting the Ramon Magsaysay Award Foundation from the Payment of Taxes and Fees, Whether National or Local, as Well as Constructions, Gifts and Donations Given Thereto

Be it enacted by the Senate and House of Representatives of the Philippine Congress Assembled:

Section 1

The provisions of existing laws or ordinances to the contrary notwithstanding, the Ramon Magsaysay Award Foundation shall be exempt from the payment of all taxes, whether national or local, and from such fees and other charges as are or may be imposed by the Central Bank or other government entities.

Section 2

All gifts, contributions and donations to the Foundation shall be considered allowable deductions for purposes of determining the income tax of the donor, and shall be exempt from the payment of the taxes imposed under Title III of the National Internal Revenue Code.

Section 3

This Act shall take effect upon its approval.

Approved: June 22, 1963.

For information and research only, and not legal advice. This text may not reflect later amendments. For certified copies, refer to the Official Gazette or the issuing agency.