Presidential Decree No. 976 — WHEREAS, under Presidential Decree No. 464, otherwise known as the Real Property Tax Code, which was further amended by Presidential Decree No. 675, the basic tax on real property directly and exclusively used for educational purposes had accrued on January 1, 1975;

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Section 1 Section 2 Section 3 Section 4 Section 5 Section 6 · This Decree shall take effect immediately

Section 1

Section 1. The basic tax on real property directly and exclusively used for educational purposes shall begin to accrue on January 1, 1977, instead of January 1, 1975 as provided for under Presidential Decree No. 675.

Section 2

Section 2. Educational institutions which have paid the corresponding real property taxes for the calendar year 1975 and the first quarter of 1976 shall be given tax credits to the extent of the amounts paid during the said periods, to be applied to their future real property tax obligations.

Section 3

Section 3. If the basic real property tax herein referred to is paid in full within the quarterly periods of payment prescribed under Section 60 of Presidential Decree No. 464, the taxpayer shall be granted a tax discount of 20% on the tax due and payable during the year 1977; and, thereafter, the provisions of Presidential Decree No. 464, as amended, shall apply.

Section 4

Section 4. The Secretary of Finance shall formulate and issue the rules and regulations for the proper implementation of this Decree.

Section 5

Section 5. All laws, decrees, orders, rules and regulations which are inconsistent with this Decree are hereby repealed or modified accordingly.

Section 6

This Decree shall take effect immediately

Section 6. This Decree shall take effect immediately.

Done in the City of Manila, this 10th day of August in the year of Our Lord, nineteen hundred and seventy-six.