Publishing Republic Act No. 3676 Exempting the Ramon Magsaysay Award Foundation from the Payment of Taxes and Fees, Whether National or Local, as Well as Contributions, Gifts and Donations Given Thereto

September 26, 1963 REVENUE MEMORANDUM CIRCULAR NO. 26-63 SUBJECT : Publishing Republic Act No. 3676 Exempting the Ramon Magsaysay Award Foundation from the Payment of Taxes and Fees, Whether National or Local, as Well as Contributions, Gifts and Donations Given Thereto TO : All Internal Revenue Officers and Others Concerned For the information and guidance of all concerned, there is quoted hereunder Republic Act No. 3676: "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 CONTRIBUTIONS, GIFTS AND DONATION GIVEN THERETO. "Be it enacted by the Senate and House of Representatives of the Philippines in Congress assembled: "SEC. 1. The provisions of existing laws or ordinances notwithstanding, the Ramon Magsaysay Award Foundation shall be exempt from the payment of all taxes, whether national or local, and from such frees and other charges as are or may be imposed by the Central Bank of other government entities. "SEC. 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. "SEC. 3. This Act shall take effect upon its approval. "Approved, June 22, 1963". Features of the Act In its desire to give encouragement to study and research particularly in the field of science, technology and medicine, the Government, thru Congress, passed various laws, among which is the law quoted above, exempting the Ramon Magsaysay Award Foundation 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. Likewise, all gifts, contributions and donations to the Foundation shall be considered allowable deductions for the purpose of determining the income of the donor and shall be exempt from the taxes imposed under Title III of the Tax Code. To establish such exemption, a certification issued by the Chairman and/or Secretary or Treasurer of the Foundation respecting the amount donated or contributed shall be secured by the donor. Effectivity Republic Act No. 3676 took effect on June 22, 1963. Publicity Internal revenue officers and others charged with the enforcement of internal revenue laws are hereby requested to give this circular as wide a publicity as possible. cdpr (SGD.) RAMON T. OBEN Acting Commissioner of Internal Revenue