RMC No. 88-2020: Circularizes Republic Act No. 11334, entitled “An Act Converting the Marinduque State College in the Municipality of Boac, Province of Marinduque into a State University, to be known as the Marinduque State University, and Appropriating Funds Therefor”

Summary

RMC No. 88-2020 circularizes RA No. 11334, which converts the Marinduque State College in Boac, Marinduque into the Marinduque State University and appropriates funds for it.

Key points

1. Customs duties. The University’s importation of economic, technical and cultural books and publications for economic, technical-vocational, scientific, philosophical, historical or cultural purposes is exempt from customs duties under RA No. 10863 (Customs Modernization and Tariff Act). This requires certification by the Commission on Higher Education.
2. Donor’s tax and donor’s deduction. Grants, bequests, endowments, donations and contributions to the University that it uses actually, exclusively and directly are exempt from Donor’s Tax. The donor may treat them as an allowable deduction from gross income under the NIRC of 1997, as amended.

Who is affected

• Marinduque State University
• Donors to the University

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