Exempting Donations And/Or Contributions And Request To Social Welfare, Cultural And Charitable Institutions From Certain Taxes And Provincial Tax Allowance Therefor

MALACAÑANGM a n i l a PRESIDENTIAL DECREE No. 507 July 16, 1974 EXEMPTING DONATIONS AND/OR CONTRIBUTIONS AND REQUEST TO SOCIAL WELFARE, CULTURAL AND CHARITABLE INSTITUTIONS FROM CERTAIN TAXES AND PROVINCIAL TAX ALLOWANCE THEREFOR WHEREAS, non-profit social welfare, cultural and charitable institutions operate generally on funds generated through donations; WHEREAS, these non-profit institutions are viable instruments for social welfare and cultural development of the country; WHEREAS, the success of the mission of these institutions depends largely on the sufficiency of their financial resources; and WHEREAS, it is necessary to encourage donations to these institutions in order to enable them to acquire the necessary funds for their continue operations. NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines, by virtue of the powers vested in me by the Constitution, do hereby decree and order: Section 1. Any provision of law, decree, rules and regulations to the contrary notwithstanding, all gifts, bequests, donations and/or contributions to social welfare, cultural and charitable institutions, no part of the net income of which inures to the benefit of any...