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PRESIDENTIAL DECREE NO. 23
PRESIDENTIAL DECREE NO. 23 -
PROCLAIMING A TAX AMNESTY, SUBJECT TO CERTAIN CONDITIONS
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WHEREAS, it is the policy of the Government
to give tax evaders a chance to reform and be part of the New Society
with a clean slate;chanroblesvirtualawlibrary
WHEREAS, tax evaders who wish to relent and are willing to reform may
be reluctant to disclose their liability for income taxes because of
the criminal and civil penalties attendant to tax evasion; chanroblesvirtualawlibrary
NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Republic of
the Philippines, by virtue of the powers in me vested 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,
whereby I have assumed direction of the operation of the entire
Government, do hereby declare and order that; chanroblesvirtualawlibrary
1. In all cases of voluntary disclosure of previously
untaxed income realized here or abroad by any taxpayer, natural or
juridical, the collection of the income tax and penalties incident to
nonpayment, as well as all criminal and civil liabilities under the
National Internal Revenue Code, the Revised Penal Code, the Anti-Graft
and Corrupt Practices Act or any other law applicable thereto, is
hereby condoned and, in lieu thereof, a tax of TEN PER CENTUM (10%) on
such previously untaxed income is hereby imposed, subject to the
following conditions:cralaw:red
(a) Such previously untaxed income must have been
earned realized prior to 1972;chanroblesvirtualawlibrary
(b) The taxpayer must file a notice and return with
the Commissioner of Internal Revenue on or before March 31, 1972
showing such previously untaxed income;chanroblesvirtualawlibrary
(c) If such previously untaxed income, or part
thereof, consist of cash hoarded abroad, such cash must be repatriated
and deposited with any bank in the Philippines or invested in any of
the following within six (6) months from the time of such disclosure:cralaw:red
1) Government bonds;chanroblesvirtualawlibrary
2) Government securities;chanroblesvirtualawlibrary
3) Government debentures; or
4) Any productive enterprise;chanroblesvirtualawlibrary
This condition shall apply also if such previously untaxed income, or
part thereof, consist of cash hoarded in private vaults or safe deposit
boxes in the Philippines. chanroblesvirtualawlibrary
2. The tax imposed under Paragraph 1 hereof, shall be
paid within the following period:cralaw:red
(a) If the amount does not exceed P10,000.00 the tax
must be paid at the time of the filing of notice and return but not
later than March 31, 1973;chanroblesvirtualawlibrary
(b) If the amount exceeds P10,000.00 the tax may be
paid in two (2) installments, the first installment to be paid upon the
filing of the notice and return but not later than March 31, 1973; and
the second installment within three (3) months from the date of the
filing of the return but not later than June 30, 1973.
3. After the tax imposed under this Decree shall have
been paid, the taxpayer shall be cleared of all investigations, whether
civil or criminal, insofar as such previously untaxed income is
concerned.
4. The Secretary of Finance, upon 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 October, in the year of Our Lord, nineteen hundred and
seventy-two.
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