Section 20Sec./Art. 20

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

(a)All revenues and assets of the Mindanao University of Science and Technology (MUST) used exclusively and solely for educational purposes or in furtherance thereof shall be exempt from all taxes and duties;

(b)Gifts and donations of real and personal properties of all kinds shall be exempt from donor's tax and the same shall be considered as allowable deductions from gross income of the donor, in accordance with the provisions of the National Internal Revenue Code of 1997, as amended: Provided, That the allowable deductions shall be equivalent to one hundred fifty percent (150%) of the value of such donation. 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 said property has been used;

(c)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;

(d)The University shall only pay zero percent (0%) value-added tax for all transactions subject to this tax; and

(e)All educational monetary awards shall be exempt from taxes.