Section 12Sec./Art. 12

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

(a) Gifts and donations of real and personal properties shall be exempt from donors tax;

(b) The LGUs shall exempt structures, buildings, and warehouses utilized for the storage of farm inputs and outputs from real property tax: Provided, That the assessed value of the property does not exceed Three million pesos (₱3,000,000.00);

(c) The Land Bank of the Philippines shall provide preferential rates and special window to accredited farmers and fisherfolk enterprises; and

(d) Exemptions from income tax may be provided for income arising from the operations of the enterprise: Provided, That the farmer and the fisherfolk cooperatives and enterprises shall register as barangay micro-business enterprises pursuant to Republic Act No. 9178, otherwise known as the "Barangay Micro-Business Enterprises (BMBEs) Act of 2002".