QuestionsQuestions (PROCLAMATION NO. 872)
Proclamation No. 872 was issued by the President of the Republic of the Philippines, Gloria Macapagal Arroyo, “by virtue of the power vested in me by law,” authorizing PHILSOC to conduct a national fundraising program.
The Philippine SEA Games Organizing Committee Foundation, Inc. (PHILSOC) is authorized to conduct a nationwide fundraising program.
To support the hosting of the 23rd Southeast Asian Games in the Philippines in 2005.
From June to November 2005.
It states that PHILSOC is a “non-stock, non-profit corporation” duly organized, established, and registered under Philippine law, and that its purpose is hosting the 23rd SEA Games.
No. It states that tax treatment is “subject to the specific provisions of the Tax Reform Act of 1997,” meaning the exemptions depend on those statutory requirements.
Donations/contributions are exempt from income tax and gift taxes, and are allowable deductions in full from the income of donors/contributors for income tax purposes.
It implies donors may deduct the full amount of the donation from their income for income tax purposes, subject to the Tax Reform Act of 1997 and applicable rules.
The proclamation provides an exemption/deduction framework, but it expressly subjects tax treatment to the Tax Reform Act of 1997; thus, qualifying conditions and documentary substantiation likely apply under that law and implementing regulations.
It indicates the fundraising is intended to cover the entire country (not limited to a locality), in support of the SEA Games hosting.
It states that the effective and efficient carrying out of PHILSOC’s purposes requires the financial and moral support of the public to ensure the success of the 23rd SEA Games.
All citizens, residents, and entities are called upon to assist in any manner, including giving generously of their means to support PHILSOC’s fundraising program.
The proclamation ties PHILSOC’s establishment to hosting the SEA Games and frames fundraising as a means to support organizing and hosting the event.
It authorizes fundraising specifically for hosting the 23rd Southeast Asian Games to be held in the Philippines in 2005, and sets the fundraising period in 2005 (June to November).
It is dated June 30, 2005; the authorized fundraising period is June to November 2005 as stated in the body of the proclamation.