Grant of Tax Exemption to Ramon Magsaysay Award Foundation

June 22, 1963 REPUBLIC ACT NO. 3676 AN ACT EXEMPTING THE RAMON MAGSAYSAY AWARD FOUNDATION FROM THE PAYMENT OF TAXES AND FEES, WHETHER NATIONAL OR LOCAL, AS WELL AS CONSTRUCTIONS, GIFTS AND DONATIONS GIVEN THERETO SECTION 1. The provisions of existing laws or ordinances to the contrary notwithstanding, the Ramon Magsaysay Award Foundation shall be exempt from the payment of all taxes, whether national or local, and from such fees and other charges as are or may be imposed by the Central Bank or other government entities. SECTION 2. All gifts, contributions and donations to the Foundation shall be considered allowable deductions for purposes of determining the income tax of the donor, and shall be exempt from the payment of the taxes imposed under Title III of the National Internal Revenue Code. aisa dc SECTION 3. This Act shall take effect upon its approval. Approved: June 22, 1963 Published in the Official Gazette, Vol. 59, No. 41, p. 7045 on October 14, 1963