Exempting from Taxation All Donations to National Museum, National Library and National Historical Institute Archives
Presidential Decree No. 373, issued on January 9, 1974, exempts all donations made to the National Museum, the National Library, and the National Historical Institute from taxation. This law aims to encourage donations by allowing contributors to deduct the value of their gifts from their taxable income. The directors of these institutions are empowered to establish a panel of experts to assess and value the donated items. Any existing laws that conflict with this decree are repealed or modified accordingly, and it takes effect immediately.
Quick Answers
- What is Exempting from Taxation All Donations to National Museum, National Library and National Historical Institute Archives about?
- Presidential Decree No. 373, issued on January 9, 1974, exempts all donations made to the National Museum, the National Library, and the National Historical Institute from taxation. This law aims to encourage donations by allowing contributors to deduct the value of their gifts from their taxable income. The directors of these institutions are empowered to establish a panel of experts to assess and value the donated items. Any existing laws that conflict with this decree are repealed or modified accordingly, and it takes effect immediately.
- What type of law is Presidential Decree No. 373?
- Exempting from Taxation All Donations to National Museum, National Library and National Historical Institute Archives (Presidential Decree No. 373) is a Philippine Presidential Issuances enacted by the Congress of the Philippines.
- When was Exempting from Taxation All Donations to National Museum, National Library and National Historical Institute Archives enacted?
- Exempting from Taxation All Donations to National Museum, National Library and National Historical Institute Archives (Presidential Decree No. 373) was enacted on Jan 9, 1974.
- What is the citation for Exempting from Taxation All Donations to National Museum, National Library and National Historical Institute Archives?
- Exempting from Taxation All Donations to National Museum, National Library and National Historical Institute Archives, Presidential Decree No. 373, Jan 9, 1974 (Philippines)
Law Information
- Reference Number
- Presidential Decree No. 373
- Date Enacted
- Category
- Presidential Issuances
- Subcategory
- Presidential Decrees
- Jurisdiction
- Philippines
- Enacting Body
- Congress of the Philippines
Full Law Text
January 9, 1974
PRESIDENTIAL DECREE NO. 373
EXEMPTING FROM TAXATION ALL DONATIONS TO THE NATIONAL MUSEUM, THE NATIONAL LIBRARY AND THE ARCHIVES OF THE NATIONAL HISTORICAL INSTITUTE
WHEREAS, museums, national libraries and archives depend mostly on donations for the support of their projects or the acquisition of items for their collections. cdt
WHEREAS, in most countries donations to museums, national libraries and archives are tax-exempt, like donations to charitable institutions.
WHEREAS, many collectors have expressed willingness to donate items to the National Museum, the National Library and our archives under the National Historical Institute but are deterred by present taxation policies.
NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines, by virtue of the powers vested in me by the Constitution as Commander-in-Chief of all the Armed Forces of the Philippines, and pursuant to Proclamation No. 1081, dated September 21, 1972, and General Order No. 1, dated September 22, 1972, do hereby decree, order and make part of the law of the land, the following:
SECTION 1. All monetary contributions and the equivalent monetary value of works of art, antiques, manuscript, books or other articles of cultural, historical or scientific significance, donated to the National Museum, the National Library and the National Historical Institute, are tax-exempt and deductible from the taxable income of the donor.
SECTION 2. The Director of the National Museum, the Director of the National Library and the Chairman of the National Historical Institute, in the case of the national archives, are each hereby authorized to convene a panel of experts who shall pass on the merit of the item or items offered as donation to their respective collections and shall determine the valuation thereof.
SECTION 3. All laws inconsistent with this Decree are hereby repealed or modified accordingly.
SECTION 4. This Decree shall take effect immediately.
DONE in the City of Manila, this 9th day of January, 1974.
Cite This Law
Exempting from Taxation All Donations to National Museum, National Library and National Historical Institute Archives, Presidential Decree No. 373, Jan 9, 1974 (Philippines)
Exempting from Taxation All Donations to National Museum, National Library and National Historical Institute Archives, Presidential Decree No. 373 (Phil. 1974)
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