Amending P.D. No. 1349 (s. 1978)
Presidential Decree No. 1388, issued on May 26, 1978, amends Presidential Decree No. 1349 regarding the tax treatment of donations to the Museum. It stipulates that all donations or contributions to the Museum are exempt from income and gift taxes, including those made before the Museum's formal establishment. Furthermore, these donations can be fully deducted from the donor's gross income, treated separately from other tax deductions. The decree took immediate effect upon its issuance and was published in the Official Gazette on September 25, 1978.
Law Information
- Reference Number
- Presidential Decree No. 1388
- Date Enacted
- Category
- Presidential Issuances
- Subcategory
- Presidential Decrees
- Jurisdiction
- Philippines
- Enacting Body
- Congress of the Philippines
Full Law Text
May 26, 1978
PRESIDENTIAL DECREE NO. 1388
AMENDING PRESIDENTIAL DECREE NO. 1349 DATED APRIL 13, 1978
SECTION 1. Section 3 of Presidential Decree No. 1349 is hereby amended to read as follows:
"SEC. 3. Any provision of law, executive order, rules or regulations to the contrary notwithstanding, all donations or contributions made by any person or entity to the Museum, including those received prior to its formal constitution into a body corporate, shall be exempt from income and gift taxes. Such donations or contributions shall be deductible in full from the gross income of the person or entity making the donation or contribution and shall be treated as a separate item of tax deduction in the sense that the same shall not be included for purposes of computing the maximum amount deductible under Section 30, paragraph (h) of the National Internal Revenue Code, as amended."
SECTION 2. This Decree shall take effect immediately.
DONE in the City of Manila, this 26th day of May, in the year of Our Lord, Nineteen Hundred and Seventy-Eight.
Published in the Official Gazette, Vol. 74 No. 39 Page 7714 on September 25, 1978.
Cite This Law
Amending P.D. No. 1349 (s. 1978), Presidential Decree No. 1388, May 26, 1978 (Philippines)
Amending P.D. No. 1349 (s. 1978), Presidential Decree No. 1388 (Phil. 1978)
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