PRESIDENTIAL DECREE NO. 762, August 01, 1975
AMENDING SECTION ONE OF PRESIDENTIAL DECREE NO. 697 ENTITLED “AUTHORIZING THE EXEMPTION FROM PAYMENT OF DONOR’S TAX AND RECOGNIZING AS DEDUCTIBLE BUSINESS EXPENSE IRREVOCABLE DO…
virtue of the powers vested in me by the Constitution, do hereby order
and decree: SECTION 1. Section 1 of Presidential Decree No. 697, dated
May 9, 1975, is hereby amended to read as follows:
“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:“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.“b. Donations shall be made in favor of the following qualified
donees:“1. The National Government or any entity created by any of
its agencies which is not conducted for profit or to any political
subdivision of the said Government.“2. Any charitable or scientific organization with a
nationwide scope of activities and widely recognized as such, i.e.,
Philippine Red Cross, Community Chest, Boy Scouts of the Philippines,
Philippine Heart Foundation.”
SEC. 2. This Decree shall take effect immediately.
Done in the City of Manila, this 1st day of August, in the year
of Our Lord, nineteen hundred and seventy-five.
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(Sgd.)
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FERDINAND E. MARCOS | |||||||
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President
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| Republic of the Philippines | ||||||||
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By the President: | |||||||
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(Sgd.)
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ALEJANDRO MELCHOR | |||||||
| Executive Secretary | ||||||||