Exemptions from Taxes.
Section 9
SEC. 9. Exemptions from Taxes. — Any provision of existing law to the contrary notwithstanding, all donations, contributions, endowments. subsidies or financial aids shall be exempt from income and gift taxes and shall constitute allowable deduction in full from the income of the donors. The assets of the Institute and its equipment and supplies imported, which are actually, directly and exclusively used for the purposes stated herein, shall be exempt from all taxes, duties, fees, charges, and imposts imposed by the Republic of the Philippines: Provided, That articles entered as tax and/or duty-free by the Institute may not be sold, transferred or otherwise disposed of in any manner whatsoever to any person without the prior approval of the Secretary of the Department of Finance. Any transferee of said article shall be deemed the importer thereof, and the same shall be assessed its purchase value without depreciation.