MALACAÑANG
M a n i l aPRESIDENTIAL DECREE No. 698 May 9, 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-OWNED PRIVATE LANDS ACQUIRED UNDER THE LAUREL-LANGLEY AGREEMENT
I, FERDINAND E. MARCOS, President of the Philippines, by 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.
Section 2. Abovementioned 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.
Section 3. Incentives provided under this Decree shall be available only to donors...
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Presidential Decrees
Authorizing The Exemption From Payment Of Gift Taxes And Recognizing As Deductible Business Expense Item Irrevocable Donations To The National Development Company Of American-Owned Private
Presidential Decree No. 698
Summary of Presidential Decree No. 698
Exemption from Gift Taxes for Donations to National Development Company (NDC):
- Irrevocable donations of American-owned private lands acquired under the Laurel-Langley Agreement to the NDC shall be exempt from all kinds of gift taxes. (Section 1)
Deductible Business Expense for Income Tax Purposes:
- The above-mentioned donations shall be recognized as a deductible business expense item for income tax purposes. (Section 2)
- The donor must expressly indicate the period, not exceeding four (4) years including the year of donation, over which the expense deductions shall be taken in equal increments. (Section 2)
Deadline for Donation Proposals:
- The incentives provided under this Decree shall be available only to donors who submit formal donation proposals to the NDC before May 27, 1975. (Section 3)
Exemption from Gift Taxes for Donations to National Development Company (NDC):
- Irrevocable donations of American-owned private lands acquired under the Laurel-Langley Agreement to the NDC shall be exempt from all kinds of gift taxes. (Section 1)
Deductible Business Expense for Income Tax Purposes:
- The above-mentioned donations shall be recognized as a deductible business expense item for income tax purposes. (Section 2)
- The donor must expressly indicate the period, not exceeding four (4) years including the year of donation, over which the expense deductions shall be taken in equal increments. (Section 2)
Deadline for Donation Proposals:
- The incentives provided under this Decree shall be available only to donors who submit formal donation proposals to the NDC before May 27, 1975. (Section 3)