Section 50Sec./Art. 50

Tax Exemptions. - The provisions of any general or special law to the contrary notwithstanding:

(a) All grants, bequests, endowments, donations and contributions made to the University to be used actually, directly and exclusively by the University shall be exempt from donors tax and the same shall be allowed as allowable deduction from the gross income of the donor for purposes of computing the taxable income of the donor in accordance with the provisions of the NIRC of 1997, as amended. Valuation of assistance other than money shall be based on the acquisition cost of the property. Such valuation shall take into consideration the depreciation value of the property in case the property has been used;

(b) Importation of economic, technical, vocational, scientific, philosophical, historical and cultural books, supplies and materials duly certified by the Board, including scientific and educational computer and software equipment, shall be exempt from customs duties in accordance with the provisions of the Tariff and Customs Code of the Philippines, as amended; and

(c) The educational services rendered by the University shall be exempt from value-added tax in accordance with Section 109(H) of the NIRC of 1997, as amended.