PRESIDENTIAL DECREE NO. 698

: The main purpose of Presidential Decree No. 698 is to authorize the exemption from payment of gift taxes and to recognize as deductible business expense items irrevocable donations to the National Development Company of American-owned private lands acquired under the Laurel-Langley Agreement.
: The exemption applies to American-owned private lands acquired under the Laurel-Langley Agreement that are irrevocably donated to the National Development Company.
: The donation must be irrevocable and made to the National Development Company, involving American-owned private lands acquired under the Laurel-Langley Agreement.
: Yes, such donations are recognized as deductible business expense items for income tax purposes.
: The donor must expressly indicate in the donation proposal a period, not exceeding four years including the year of donation, over which the expense deductions shall be taken in equal increments.
: Formal donation proposals must be submitted to the National Development Company before May 27, 1975.
: Yes, it specifically states that its provisions shall prevail notwithstanding any existing laws to the contrary.
: The decree took effect immediately on May 9, 1975.
: No, the decree does not specify penalties for non-compliance or late submissions; it only limits the availability of incentives to proposals submitted before May 27, 1975.