Exempting All Gifts, Bequests, Donations And/Or Contributions To The Gintong Alay Educational And Fund Campaign From Certain Taxes And Providing Tax Allowance Therefor

MALACAÑANG
M a n i l a

PRESIDENTIAL DECREE No. 1712

EXEMPTING ALL GIFTS, BEQUESTS, DONATIONS AND/OR CONTRIBUTIONS TO THE GINTONG ALAY EDUCATIONAL AND FUND CAMPAIGN FROM CERTAIN TAXES AND PROVIDING TAX ALLOWANCE THEREFOR

WHEREAS, under Letter of Instructions No. 955 issued on October 31, 1979, the President created Project Gintong Alay as the program for the development of athletics (track and field) in order to restore the Filipino athletes to their rightful place among world sports champions;

WHEREAS, Project Gintong Alay aims to develop, project and promote the concept of personal sacrifice, dedication, and commitment in the pursuit of national goals as integral to the Filipino way of life;

WHEREAS, the President has identified Gintong Alay as the national sports development program of the country aimed at helping win gold medals for Filipino athletes in forthcoming international competitions;

WHEREAS, the task of a year-round sustained scientific training program requires sufficient funds, materials and resources;

WHEREAS, the President issued Proclamation No. 1922 on November 7, 1979 authorizing Gintong Alay to conduct an educational...

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Summary of Presidential Decree No. 1712

Exemptions and Tax Deductions for Gintong Alay Educational and Fund Campaign

- All gifts, bequests, donations, and/or contributions to the Gintong Alay Educational and Fund Campaign shall be exempt from donor's and estate taxes. (Section 1)
- All gifts, bequests, donations, and/or contributions to the Gintong Alay Educational and Fund Campaign shall be deductible in full in computing the taxable net income of the donor. (Section 1)
- The decree repeals, amends, or modifies any inconsistent laws, decrees, orders, rules, and regulations. (Section 2)
- The decree took effect immediately upon its issuance on August 17, 1980. (Section 3)