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RMC No. 51-2011: Circularizes Section 7 of RA No. 9647 known as the “Philippine Normal University Modernization Act of 2009”

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Summary

RMC No. 51-2011 circularizes Section 7 of RA No. 9647, the Philippine Normal University Modernization Act of 2009, which lists the tax exemptions given to the University.

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Key points

  1. Revenues and assets. All revenues and assets of the PNU used actually, directly and exclusively for educational purposes or in support thereof are exempt from all taxes and duties.
  2. Gifts and donations. Gifts and donations of real and personal properties are exempt from donor’s tax. The donor may deduct 150% of the value of the donation from gross income, and non-money assistance is valued at acquisition cost, considering depreciated value if the property was used.
  3. Imports and VAT. Importation of certain books, supplies and materials certified by the Board, including scientific and educational computer and software equipment, is exempt from customs duties. The University pays only zero percent (0%) VAT on transactions subject to this tax.
  4. Academic awards. All academic monetary awards are exempt from taxes.

Who is affected

  • Philippine Normal University
  • Donors to the University

Deadlines and effectivity

  • RA No. 9647 signed into law on June 30, 2009
  • IRR effective after publication on July 28, 2009

Summary by Tax Resources PH. It is not a substitute for the full text of the issuance or professional advice.

Copies of BIR issuances are hosted here for reference. For the official version, check bir.gov.ph. Summaries by Tax Resources PH are not a substitute for the full text or professional advice.