Amending Section 16 of P.D. No. 805
Presidential Decree No. 1027, issued on September 22, 1976, amends Section Sixteen of Presidential Decree No. 805 to provide tax exemptions for donations and financial aid made to a specific project. Under this decree, such contributions are exempt from all taxes and can be fully deducted from the donors' income for tax purposes. Additionally, the project’s assets and commodity requirements, whether sourced locally or internationally, are exempt from various taxes and fees imposed by the Philippine government or its subdivisions. This decree is effective immediately upon issuance.
Law Information
- Reference Number
- Presidential Decree No. 1027
- Date Enacted
- Category
- Presidential Issuances
- Subcategory
- Presidential Decrees
- Jurisdiction
- Philippines
- Enacting Body
- Congress of the Philippines
Full Law Text
September 22, 1976
PRESIDENTIAL DECREE NO. 1027
AMENDING SECTION SIXTEEN OF PRESIDENTIAL DECREE NUMBERED EIGHT HUNDRED FIVE
I, FERDINAND E. MARCOS, President of the Philippines, by virtue of the powers vested in me by the Constitution, in order to effect minor amendments to existing law and correction of certain typographical errors therein, do hereby order and decree the following amendment of Section Sixteen of Presidential Decree No. 805 which shall read as follows:
"SEC. 16. Exemption from Taxes. — Any provision of existing laws to the contrary notwithstanding, any donation, contribution, bequest, subsidy or financial aid which may be made to the Project shall be exempt from taxes of any kind, and shall constitute allowable deductions in full from the income of the donors for income tax purposes.
"The assets of the Project and its commodity requirements procured from local and foreign suppliers shall be exempt from all taxes, duties, fees, charges, imposts, licenses and assessments, direct or indirect, imposed by the Republic of the Philippines or any political subdivision or taxing authority thereof."
This Decree shall take effect immediately.
DONE in the City of Manila, this 22nd day of September, in the year of Our Lord, Nineteen Hundred and Seventy-Six.
Cite This Law
Amending Section 16 of P.D. No. 805, Presidential Decree No. 1027, Sep 22, 1976 (Philippines)
Amending Section 16 of P.D. No. 805, Presidential Decree No. 1027 (Phil. 1976)
Related Laws
- Amending Section 6 of P.D. No. 1630Presidential Decree No. 1826 • Jan 16, 1981 • Presidential Issuances
- Amending Section 12 of P.D. No. 1636Presidential Decree No. 1806 • Jan 16, 1981 • Presidential Issuances
- Amending Section 1 of P.D. No. 1822Presidential Decree No. 1822-A • Jan 16, 1981 • Presidential Issuances
- Amendment to P.D. No. 16Presidential Decree No. 16-A • Oct 5, 1972 • Presidential Issuances
- Suspended Implementation of Section 1310 of P.D. No. 1464Letter of Instructions No. 871 • Jun 6, 1979 • Presidential Issuances
- Amending Section 16(d) of P.D. No. 97 Re: Regulation of Marine ProfessionPresidential Decree No. 1560 • Jun 11, 1978 • Presidential Issuances
Browse More Presidential Issuances
Explore other laws in the Presidential Issuances category.
View All Presidential IssuancesNeed Help Understanding This Law?
Ask our AI assistant to explain provisions, implications, or related laws.
Ask AI About This Law