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Republic Act No. 2707

PHILIPPINE LAWS, STATUTES AND CODES - CHAN ROBLES VIRTUAL LAW LIBRARY

REPUBLIC ACTS




REPUBLIC ACT NO. 2707
REPUBLIC ACT NO. 2707 - AN ACT TO EXEMPT THE INTERNATIONAL RICE RESEARCH INSTITUTE OR ITS SUCCESSORS FROM THE PAYMENT OF GIFT, FRANCHISE, SPECIFIC, PERCENTAGE, REAL PROPERTY EXCHANGE, IMPORT, EXPORT AND ALL OTHER TAXES, AND THE MEMBERS OF ITS SCIENTIFIC AND TECHNICAL STAFF FROM THE PAYMENT OF INCOME TAX

Section 1. The provisions of existing laws or ordinances to the contrary notwithstanding, the International Rice Research Institute, or its successors, shall be exempt from the payment of gift, franchise, specific, percentage, real property, exchange, import, export, and all other taxes provided under existing laws or ordinances. This exemption shall extend to goods imported and owned by the International Rice Research Institute to be leased or used by members of its staff.

Sec. 2. All gifts, bequests, donations and contributions which may be received by the International Rice Research Institute from any source whatsoever, or which may be granted by the Institute to any individual or non-profit organization for educational or scientific purposes, shall be exempt from the payment of the taxes imposed under Title III of the National Internal Revenue Code. All gifts, contributions and donations to the Institute shall be considered allowable deductions for purposes of determining the income tax of the donor.

Sec. 3. Non-Filipino citizens serving on the technical and scientific staff of the International Rice Research Institute shall be exempt from the payment of income tax on salaries and stipends in dollars received solely and by reason of service rendered to the Institute.

Sec. 4. This Act shall take effect upon its approval.

Approved: June 18, 1960

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