Question & AnswerQ&A (PRESIDENTIAL DECREE NO. 292)
The main purpose of Presidential Decree No. 292 is to define the status of, and authorize the grant of tax exemption and other privileges to, the Aquaculture Department of the Southeast Asian Fisheries Development Center (SEAFDEC) in the Philippines.
The decree grants tax exemptions specifically to the Aquaculture Department of the Southeast Asian Fisheries Development Center (SEAFDEC) in the Philippines.
The SEAFDEC Aquaculture Department is exempt from the payment of gift, franchise, specific, percentage, real property, and all other taxes, duties, and fees under existing laws, decrees, or ordinances.
Yes, goods imported and owned by the SEAFDEC Aquaculture Department, as well as goods brought in or imported for the personal use of foreign personnel paid by the Department, are exempt from taxes and duties.
Customs duties and taxes may be collected if the goods or articles brought in for foreign personnel are subsequently sold, transferred, or exchanged in the Philippines to persons or entities not entitled to exemption under existing laws and regulations.
No, all gifts, bequests, donations, and contributions received by the SEAFDEC Aquaculture Department are exempt from payment of taxes under the National Internal Revenue Code, and such gifts are deductible for determining the donor's income tax.
No, non-Filipino citizens serving as technical and scientific staff of the SEAFDEC Aquaculture Department are exempt from paying income tax on salaries and stipends received solely for their service to the Department.
Aliens working for SEAFDEC are exempt from restrictions under immigration laws related to immigrant quotas and duration of stay, provided they hold positions such as officials, instructors, researchers, trainees, or are dependents of these individuals.
The decree took effect immediately on September 13, 1973, the date it was signed by President Ferdinand E. Marcos.