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PRESIDENTIAL DECREE NO. 157
PRESIDENTIAL DECREE NO. 157
- PROCLAIMING A TAX AMNESTY ON UNDECLARED INCOME AND/OR WEALTH ACQUIRED
IN THE YEAR 1972, SUBJECT TO CERTAIN CONDITIONS
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WHEREAS, it
is the declared policy of the Government to afford tax evaders a chance
to reform and become part of the New Society with a clean slate;chanroblesvirtualawlibrary
WHEREAS, under Presidential Decree No. 23, as amended, the tax amnesty
covers previously untaxed income and/or wealth acquired up to December
31, 1971, only; and
WHEREAS, for the period from January 1, 1972 up to the proclamation of
Martial Law on September 21, 1972, some sectors in the community may
have labored under the inertia of past practices and wrongdoings,
thereby leaving some of their incomes, wealth and other acquisitions
unrecorded and/or unreported, rendering themselves liable to sanctions
provided under our existing laws; chanroblesvirtualawlibrary
NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines,
by virtue of the powers vested in me by the Constitution as
Commander-in-Chief of all the Armed Forces of the Philippines, and
pursuant to Proclamation No. 1081, dated September 21, 1972, and
General Order No. 1, dated September 22, 1972, as amended, and in order
to give erring taxpayers a real clean slate, do hereby
decree: chanroblesvirtualawlibrary
1. That all the immunities and benefits afforded
taxpayers under Presidential Decree No. 23, as amended, shall likewise
be extended to taxpayers with unrecorded or hidden income and/or wealth
acquired during the year 1972, subject to the following conditions:cralaw:red
a. Only those who have properly availed of
Presidential Decree No. 23, as amended, may take advantage of the grant
of amnesty under this decree;chanroblesvirtualawlibrary
b. In the case of taxpayers on the calendar year
basis, an income tax return must be filed for the taxable year 1972,
and in the case of taxpayers on the fiscal year basis, the return to be
filed shall cover a period up to December 31, 1972 only. In both cases,
the return must be filed on or before April 16, 1973;chanroblesvirtualawlibrary
c. The tax to be paid, in the case of taxpayers on
the calendar year basis, shall be the amount shown on the return filed
or an amount equal to the income tax paid for the taxable year 1971
plus 40% thereof, whichever is higher;chanroblesvirtualawlibrary
d. In the case of taxpayers on the fiscal year basis,
the tax to be paid shall be the higher of the following two amounts:cralaw:red
(1) The amount of tax shown on the return filed; or
(2) An amount which is the sum of (a) an amount
which bears the same ratio to the income tax paid for the immediately
preceding fiscal year as the period covered by the return required
herein to be filed bears to one entire fiscal year and (b) 40% of the
amount determined in item (2) (a) of this sub-paragraph.
2. The tax determined to be due and payable shall be
paid in accordance with the following:cralaw:red
a. If the amount is P5,000 or less, the tax shall be
paid upon filing of the return but not later than April 16, 1973.
b. If the amount is over P5,000, the tax may be paid
in two equal installments, in which case the first installment shall be
paid upon filing of the return but not later than April 16, 1973, and
the second installment shall be paid on or before July 15, 1973;chanroblesvirtualawlibrary
3. The Secretary of Finance, upon the recommendation
of the Commissioner of Internal Revenue, shall promulgate the rules and
regulations to implement this Decree.
Done in the City of Manila,
this 16th day of March, in the year of Our Lord, nineteen hundred and
seventy-three.
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