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A collection of Philippine laws, statutes and codes
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of the Chan Robles Virtual Law Library.
This page features the full text of
Republic Act No. 7498
AN ACT GRANTING TAX AMNESTY TO PERSONS REPATRIATING THEIR FOREIGN CURRENCIES AND/OR SECURITIES TO THE PHILIPPINES
REPUBLIC ACT NO. 7498
AN ACT GRANTING TAX AMNESTY TO PERSONS REPATRIATING THEIR FOREIGN CURRENCIES AND/OR SECURITIES TO THE PHILIPPINES.
Section 1. Qualification. — Any person not falling under the exceptions provided in Section 2 of this Act may avail of the tax amnesty herein provided.cralaw
Sec. 2. Exceptions. — The following taxpayers shall not be qualified to avail of the tax amnesty herein granted:
Sec. 3. Period of Availment. — A taxpayer shall avail of the tax amnesty herein granted within eight (8) months from the promulgation of the rules and regulations by the Secretary of Finance.chan robles virtual law library
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Sec. 4. Amount of Amnesty Tax. — A taxpayer who wishes to avail of the tax amnesty shall pay an amnesty tax equivalent to ten percent (10%) of the amount of foreign currencies and/or securities repatriated to the Philippines.chanrobles virtual law library
Sec. 5. Schedule of Payment. — The amnesty tax herein imposed shall be paid within two (2) months from the filing of the amnesty tax return. If the amnesty tax is not paid within the prescribed period, a surcharge equivalent to twenty-five percent (25%) of the unpaid amount shall be paid; otherwise, the application for tax amnesty shall be denied.cralaw
Sec. 6. Conditions of Tax Amnesty. — A taxpayer who wishes to avail of the tax amnesty shall:
Sec. 7. Immunities and Privileges. — Upon full compliance with the conditions of the tax amnesty, the taxpayer shall enjoy the following immunities and privileges:
Sec. 8. Deposit of Foreign Currencies. — Foreign currencies brought into this country pursuant to this Act may be deposited and maintained in any bank in the Philippines as a foreign currency and the Government or any of its agencies cannot compel the depositor to convert the same into some other currency.
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Sec. 9. Unlawful Divulgence of Amnesty Tax Declaration. — It shall be unlawful for any person having knowledge of such statement/payment to disclose any information relative hereto and violation hereof shall subject the offender to imprisonment of not more than five (5) years and/or a fine of not more than Five thousand pesos (P5,000). chan robles virtual law library
Any officer or employee of the Bureau of Internal Revenue or any government entity who inquires, questions or attempts to inquire into the tax amnesty declaration filed by any taxpayer pursuant to this Act shall be guilty of grave misconduct for which he may summarily be dismissed from the service.
Sec. 10. Rules and Regulations. — The Secretary of Finance, upon the recommendation of the Commissioner of Internal Revenue and the Central Bank Governor, shall promulgate the necessary rules and regulations to implement this Act.cralaw
11. Effectivity. — This Act shall
take effect upon its approval. chan
robles virtual law library
Approved: May 15, 1992
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