The Manila International Airport Authority (MIAA) is an instrumentality of the Philippine government that is exempt from taxation. As an instrumentality, it exercises both governmental powers like eminent domain and police power, as well as corporate powers like administering special funds and enjoying operational autonomy. While it has capital, MIAA is neither a stock corporation with shares nor a non-stock corporation with members, but is instead a unique type of agency established by law to administer the country's airports.
The Manila International Airport Authority (MIAA) is an instrumentality of the Philippine government that is exempt from taxation. As an instrumentality, it exercises both governmental powers like eminent domain and police power, as well as corporate powers like administering special funds and enjoying operational autonomy. While it has capital, MIAA is neither a stock corporation with shares nor a non-stock corporation with members, but is instead a unique type of agency established by law to administer the country's airports.
The Manila International Airport Authority (MIAA) is an instrumentality of the Philippine government that is exempt from taxation. As an instrumentality, it exercises both governmental powers like eminent domain and police power, as well as corporate powers like administering special funds and enjoying operational autonomy. While it has capital, MIAA is neither a stock corporation with shares nor a non-stock corporation with members, but is instead a unique type of agency established by law to administer the country's airports.
Manila International Airport Authority (MIAA) it is not a government owned
or controlled corporation but an instrumentality of the government that is exempt from taxation. It is not a stock corporation because its capital is not divided into shares, neither is it a nonstock corporation because there are no members. It is instead an instrumentality of the government upon which the local governments are not allowed to levy taxes, fees or other charges. An instrumentality refers to any agency of the National Government, not integrated within the department framework vested with special functions or jurisdiction by law, endowed with some if not all corporate powers, administering special funds, and enjoying operational autonomy, usually through a charter. This term includes regulatory agencies chartered institutions and government-owned or controlled corporations. [Sec. 2 (10), Introductory Provisions, Administrative Code of 1987] It is an instrumentality exercising not only governmental but also corporate powers. It exercises governmental powers of eminent domain, police power authority, and levying of fees and charges.
Manila International Airport Authority (MIAA) It Is Not A Government Owned or Controlled Corporation But An Instrumentality of The Government That Is Exempt From Taxation
Manila International Airport Authority (MIAA) It Is Not A Government Owned or Controlled Corporation But An Instrumentality of The Government That Is Exempt From Taxation