PRESIDENTIAL DECREE NO. 698, May 09, 1975
AUTHORIZING THE EXEMPTION FROM PAYMENT OF GIFT TAXES AND RECOGNIZING AS DEDUCTIBLE BUSINESS EXPENSE ITEM IRREVOCABLE DONATIONS TO THE NATIONAL DEVELOPMENT COMPANY OF AMERICAN-OW…
virtue of the powers vested in me by the Constitution, do hereby order
and decree that:
SECTION 1. The provisions of any existing law to the
contrary notwithstanding, irrevocable donations to the National
Development Company of American-owned private lands acquired under the
Laurel-Langley Agreement shall be exempt from all kinds of gift taxes.
SEC. 2. Above mentioned donations shall likewise be
recognized as a deductible business expense item for income tax
purposes, provided that the donor shall expressly indicate in the
donation proposal the period not exceeding four (4) years, including the
year of donation, over which the expense deductions shall be taken in
equal increments.
SEC. 3. Incentives provided under this Decree shall be
available only to donors who submit formal donation proposals to
the National Development Company before May 27, 1975.
This Decree shall take effect immediately.
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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(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 | ||||||||