REVENUE MEMORANDUM CIRCULAR NO. 87-2020 issued on August 27, 2020 circularizes Republic Act (RA) No. 11335, entitled “An Act Converting the Guimaras State College in the Province of Guimaras into a State University to be known as the Guimaras State University, and Appropriating Funds Therefor”.
The importation of economic, technical and cultural books and publications which are for economic, technical-vocational, scientific, philosophical, historical or cultural purposes made by the University, upon certification by the Commission on Higher Education, shall be exempt from customs duties in accordance with RA No. 10863 (Customs Modernization and Tariff Act).
All grants bequests, endowments, donations and contributions made to the University and used actually, exclusively and directly by it, shall be exempt from the Donor’s Tax and the same shall be considered as allowable deduction from the gross income in the computation of the Income Tax of the donor, in accordance with the provisions of the National Internal Revenue Code of 1997, as amended.