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.
Sec.
2. Exceptions. — The following
taxpayers shall not be qualified to avail of the tax amnesty herein
granted:
(1) Those
with income tax cases already filed in court as of the effectivity of
this
Act;
chan
robles virtual law library
(2) Those
with criminal cases involving violations of the income tax law already
filed in court as of the effectivity of this Act;
(3) Those
who have withholding tax liabilities under the National Internal
Revenue
Code, as amended, insofar as the said liabilities are concerned;
(4) Those
with pending cases involving unexplained or unlawfully acquired wealth
before the Sandiganbayan;
(5) Those
liable under Title VII, Chapter III (Frauds, Illegal Exactions and
Transactions)
and Chapter IV (Malversation of Public Funds and Property) of the
Revised
Penal Code, as amended; and
(6) Those
with pending cases involving unexplained or unlawfully acquired wealth
falling under the jurisdiction of the Philippine Commission on Good
Government.
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
chan
robles virtual law library
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.
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.
Sec.
6. Conditions of Tax Amnesty.
— A taxpayer who wishes to avail of the tax amnesty shall:
(1) File
the following documents with the Bureau of Internal Revenue within the
period herein prescribed:
(a) A
duly notarized sworn statement declaring the amount of foreign exchange
and/or securities repatriated and that the amount so declared does not
include current earnings or income otherwise taxable under the National
Internal Revenue Code, as amended, such declaration being supported by
pertinent documents that may be required by the Central Bank or the
Bureau
of Internal Revenue; and chan
robles virtual law library
chan
robles virtual law library
(b) An
amnesty tax; and
(2) Pay
the amnesty tax herein imposed within the prescribed period.
Sec.
7. Immunities and Privileges.
— Upon full compliance with the conditions of the tax amnesty, the
taxpayer
shall enjoy the following immunities and privileges:
chan
robles virtual law library
(2) The
taxpayer's tax amnesty declaration shall not be admissible in evidence
in all proceedings before judicial, quasi- judicial or administrative
bodies
in which he is a defendant or respondent, and the same shall not be
examined,
inquired or looked into by any person, government official, bureau or
office.
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.
chan
robles virtual law library
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.
Sec.
11. Effectivity. — This Act shall
take effect upon its approval. chan
robles virtual law library
Approved:
May
15, 1992
