Exemption from Taxes.
Section 9
SEC. 9. Exemption from Taxes. – Any donation, contribution bequest, subsidy or financial aid which may be made to the Foundation shall be exempt from taxes of any kind, and shall constitute allowable deductions in full from the income of the donor or giver for income tax purposes. Cash prizes which are awarded to the players or participants in professional tournaments sanctioned by and/or sponsored at the Foundation shall be exempt from all taxes. Foreign contributions or donations to the Foundation shall constitute allowable deductions in full from the income tax of the branch, affiliate or subsidiary corporation of the donor doing business in the Philippines. The Foundation, its assets, acquisitions, income and its operations and transactions shall be exempt from any and all taxes, fees, duties, dues, charges, imposts, licenses and assessments, direct or indirect, imposed by the Republic of the Philippines or any of its instrumentality, political subdivision or taxing authority thereof, any provision of existing laws to the contrary notwithstanding.