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PRESIDENTIAL DECREE NO. 379
PRESIDENTIAL DECREE NO. 379 -
REQUIRING THE SUBMISSION OF STATEMENT OF ASSETS, LIABILITIES AND NET
WORTH
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WHEREAS,
there is an urgent need to compile and collate statistical data on
property ownership to determine the overall assets of the country;chanroblesvirtualawlibrary
WHEREAS, there is a necessity to establish a data bank for purposes of
economic development planning and judicious allocation of natural
resources and capital; 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 Armed Forces of the Philippines, and pursuant
to Proclamation No. 1081, dated September 21, 1972, and General Order
No. 1, 1972, as amended, whereby I have assumed direction of the
operations of the entire government, do hereby order and decree:cralaw:red
Section 1. Who must file. — Any provision of existing
laws to the contrary notwithstanding, all persons, whether natural or
juridical, having gross assets of P50,000 or more, as of December 31,
1973, regardless of net worth, shall file a sworn statement of assets,
liabilities and net worth.
Section 2. When and where to file. — The statement of
assets, liabilities and net worth in the form prescribed shall be filed
on or before September 30, 1974 with the Commissioner of Internal
Revenue, Regional Director, Revenue District Officer, Collection Agent
or the Municipal Treasurer who has been designated as collection
officer of the Bureau of Internal Revenue, where the taxpayer has
his/its place of business or his/its legal residence. If there is no
office or place of business in the Philippines or if there be no legal
residence, the statement must be filed with the Commissioner of
Internal Revenue in Manila.
The statement of assets, liabilities and net worth as of December 31,
1973 required to be filed by Republic Act No. 3019 and other laws shall
likewise be filed on or before September 30, 1974 instead of the due
dates for filing provided for in the said Republic Acts. Subsequent
statement shall be filed in accordance with the provisions of the said
laws.
Section 3. Exempting from filing. — The following are
not required to file statement of assets, liabilities and net worth:cralaw:red
a. An individual, the total gross value of whose
assets does not exceed P50,000.00;chanroblesvirtualawlibrary
b. Diplomatic or consular representatives and
officers of foreign governments;chanroblesvirtualawlibrary
c. Members of the Armed Forces of the US government
in the active service who are stationed in the Philippines; and
d. Officials and officers, who are not citizens of
the Philippines, of multi-national corporations or of agencies of the
United Nations or foreign or international regional organizations
established in the Philippines.
Section 4. Definitions. — (a) The term "person" means
an individual, trust, estate, corporation, or duly registered general
partnership, more specifically detailed as follows:cralaw:red
1. Citizens of the Philippines whether residing here
or abroad;chanroblesvirtualawlibrary
2. Resident aliens;chanroblesvirtualawlibrary
3. Nonresident aliens, whether or not engaged in
trade or business in the Philippines, with respect to properties of
whatever kind and nature situated in the Philippines;chanroblesvirtualawlibrary
4. Domestic corporations no matter how created or
organized and for whatever purpose;chanroblesvirtualawlibrary
5. Resident foreign corporations;chanroblesvirtualawlibrary
6. Nonresident corporations engaged in trade or
business in the Philippines or nonresident foreign corporations having
properties of whatever kind or nature situated in the Philippines;chanroblesvirtualawlibrary
7. General professional partnership and duly
registered general co-partnerships; and
8. Estates and trusts;chanroblesvirtualawlibrary
(b) The term "net worth" is the difference between
total assets and total liabilities.
Section 5. Contents of Statement. — The statement
shall contain all the assets of the person, whether real or personal,
and whether used in business or not. It shall also include those assets
declared and included under Presidential Decrees Nos. 23, 157, 213, and
370.
The liabilities shall include all known debts, which are legitimate and
enforceable obligations, whether secured or unsecured, and whether
incurred or not in trade or business. chanroblesvirtualawlibrary
Section 6. Valuation. — (a) Assets. — (1) real
properties. — In the case of real properties, the cost of acquisition
and valuation estimated by the person and contained in the statement
filed under Presidential Decree No. 76 shall be included in the
statement. However, for the purpose of computing the gross assets and
net worth, the cost of acquisition shall be considered.
(2) Personal Properties. — In the case of personal
properties, the cost of acquisition must be the amount reported in the
statement; if used in trade or business, the depreciated value as of
December 31, 1973 and as shown by his books of accounts shall be
reported.
(b) Liabilities. — Only legitimate and enforceable
obligations reducible in sums of money and existing as of December 31,
1973 shall be included in the statement.
Section 7. Nature of Declaration. — (a) The statement
shall contain a declaration that the taxpayer or his authorized
representative made it under penalties of perjury.
(b) Any declaration on the statement shall not give
rise to any liability to any tax, national or local or to any liability
under the Revised Administrative Code, the Revised Penal Code, the
Anti-graft and Corrupt Practices Act, the law or laws on immigration,
naturalization or deportation, the National Internal Revenue Code, nor
to any law, proclamation or decree applicable thereto. However, the
statement of assets, liabilities and net worth, for tax purposes in the
future, shall be considered as his true and accurate net worth as of
December 31, 1973.
Section 8. Unlawful divulgence of information. — (a)
No information in the statement herein required shall be published
except in the form of tabulation and summaries having no reference to
the person. chanroblesvirtualawlibrary
(b) It shall be unlawful to any officer or employee
of the Bureau of Internal Revenue or any government entity having
knowledge of such declaration of assets, liabilities and net worth to
disclose to any person any information relative to such declaration,
except as provided in Section 7 (b) and any violation hereof shall
subject such offender to a fine in the amount of not less than Five
thousand pesos or imprisonment for not less than two years, or both,
and shall be summarily dismissed from service for cause.
Section 9. Penalties for Failure to File Statement or
Rendering False or Fraudulent Statement. — Any person required to file
the statement under this decree who knowingly makes a false declaration
or who deliberately fails to comply with any of the provisions hereof
shall, upon conviction, pay a fine of not less than Five thousand pesos
and imprisonment of not less than two years. chanroblesvirtualawlibrary
If the offense is committed by a juridical person, the Manager or
person in charge of the management of the business or affairs thereof
shall be responsible therefor and, upon conviction, shall pay a fine of
not less than Five thousand pesos and imprisonment of not less than two
years.
Section 10. Rules and Regulations. — The Secretary of
Finance shall issue the necessary rules and regulations to implement
this Decree, upon recommendation by the Commissioner of Internal
Revenue. chanroblesvirtualawlibrary
Section 11. Effectivity. — This Decree shall take
effect immediately.
Done in the City of Manila,
this 21st day of January in the year of Our Lord, nineteen hundred and
seventy-four.
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