Presidential Decree No. 673 entitled, "The Philippine Heart Center for Asia"

May 14, 1975 REVENUE MEMORANDUM CIRCULAR NO. 12-75 SUBJECT : Presidential Decree No. 673 entitled, "The Philippine Heart Center for Asia" TO : All Internal Revenue Officers and Others Concerned For the information and guidance of all those concerned, there is hereby quoted hereunder the pertinent provisions of Presidential Decree No. 673 entitled, "Creating the Philippine Heart Center for Asia." MALACAANG Manila "PRESIDENTIAL DECREE NO. 673 "CREATING THE PHILIPPINE HEART CENTER FOR ASIA "WHEREAS, it is the policy of the State to secure the well-being of the people by providing them specialized health services; "WHEREAS, the incidence of heart disease in the country and elsewhere has become prevalent, causing economic dislocations and curtailing the enjoyment of normal active and productive life; "WHEREAS, it is the concern of the Government to assist and provide material and financial support in the establishment and maintenance of a Philippine Heart Center for Asia, primarily to benefit the people of the Philippines, and further enhance the noble undertaking of research in heart and allied disease, particularly those affecting the people of Asia; of training of medical and technical personnel therefore; and of rendering specialized medical services for the prevention and treatment of heart and allied diseases; "NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines, by virtue of the power vested in me by the Constitution, do hereby order and decree: "xxx xxx xxx "SEC. 6. Tax exemptions , etc . All donations, contributions or endowments which may be made by entities or persons to the Philippines Heart Center shall be exempt from income and gift taxes, and the same shall be further deductible in full for purposes of computing the maximum amount deductible under Section 30, paragraph (h) of the National Internal Revenue Code, as amended. "The Philippine Heart Center shall be exempt from the payment of all taxes, charges and fees imposed by the Government or any political subdivision or instrumentality thereof for a period of ten years. "All income earned by foreign doctors who shall use the facilities of the Center shall be tax exempt for a period of ten years from the date of issuance hereof. "SEC. 7. Assistance from government offices , etc . The Philippine Heart Center may call upon any department, bureau, office, agency or instrumentality of the Government, including government-owned or controlled corporations, for such assistance as it may need in the pursuit of its purpose and objectives. "All individuals, entities and institutions are hereby enjoined to render full assistance and cooperation to the Philippine Heart Center in the accomplishment of its objectives and activities. xxx xxx xxx "SEC. 12. Effectivity . This Decree shall take effect immediately. "Done in the City of Manila, this 19th day of March, in the year of Our Lord, nineteen hundred and seventy-five." (SGD.) FERDINAND E. MARCOS President of the Philippines By the President: (SGD.) ALEJANDRO MELCHOR Executive Secretary Tax Features of the Decree The above-quoted provisions have the following features; 1. The Philippine Heart Center for Asia is exempt from income tax and all other taxes for a period of ten (10) years from March 19, 1975 date of effectivity of Presidential Decree No. 673. 2. Donations, contributions or endowments to the Center are exempt from the donor's gift tax and shall be deductible in full from the gross income of the donor or contributor for income tax purposes. 3. Income earned by foreign doctors who shall use the facilities of the Center is exempt from income tax for the period of ten (10) years from March 19, 1975, date of the effectivity of Presidential Decree No. 673. However, local doctors are subject to income tax even if they use the facilities of the Center. The assistance of this Office may be called upon in order that the objectives and activities of the Center may be accomplished. ENFORCEMENT AND PUBLICITY All Internal Revenue Officers and others charged with the enforcement of internal revenue laws are hereby enjoined to enforce strictly the provisions of this circular and give it as wide a publicity as possible. MISAEL P. VERA Commissioner of Internal Revenue TAN-1601-593-5