Grant of Tax Exemption to Ramon Magsaysay Award Foundation
Republic Act No. 3676, enacted on June 22, 1963, exempts the Ramon Magsaysay Award Foundation from all national and local taxes, as well as fees imposed by government entities. Additionally, any gifts, contributions, or donations made to the Foundation are allowed as deductions for the income tax of the donor and are also exempt from certain taxes under the National Internal Revenue Code. The Act took effect immediately upon its approval.
Law Information
- Reference Number
- Republic Act No. 3676
- Date Enacted
- Category
- Statutes
- Subcategory
- Republic Acts
- Jurisdiction
- Philippines
- Enacting Body
- Congress of the Philippines
Full Law Text
June 22, 1963
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 CONSTRUCTIONS, GIFTS AND DONATIONS GIVEN THERETO
SECTION 1. The provisions of existing laws or ordinances to the contrary notwithstanding, the Ramon Magsaysay Award Foundation shall be exempt 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.
SECTION 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. aisa dc
SECTION 3. This Act shall take effect upon its approval.
Approved: June 22, 1963
Published in the Official Gazette, Vol. 59, No. 41, p. 7045 on October 14, 1963
Cite This Law
Grant of Tax Exemption to Ramon Magsaysay Award Foundation, Republic Act No. 3676, Jun 22, 1963 (Philippines)
Grant of Tax Exemption to Ramon Magsaysay Award Foundation, Republic Act No. 3676 (Phil. 1963)
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