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PRESIDENTIAL DECREE NO. 67
PRESIDENTIAL DECREE NO. 67 -
AMENDING PARAGRAPHS 1 AND 3 OF PRESIDENTIAL DECREE NO. 23, DATED
OCTOBER 16, 1972
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WHEREAS, under Presidential Decree No. 23,
dated October 16, 1972, only the payment of income tax and penalties
incident to non-payment thereof are condoned in cash of voluntary
disclosure of any previously untaxed income; chanroblesvirtualawlibrary
WHEREAS, such disclosure may render the declarant liable to other
internal revenue tax or taxes and the penalties incident thereto, for
which reason taxpayers concerned may be reluctant in making such
disclosures; and
WHEREAS, it is the declared policy of the Government to afford tax
evaders a chance to reform and be a part of the New Society with a
clean slate;chanroblesvirtualawlibrary
NOW, THEREFORE, I, FERDINAND E. MARCOS, President 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:cralaw:red
1. Paragraph 1 of Presidential Decree No. 23, dated
October 16, 1972, is hereby amended to read as follows:cralaw:red
"1. In all cases of voluntary disclosures of
previously untaxed income and/or wealth such as earnings, receipts,
gifts, bequests or any other acquisitions from any source whatsoever
which are taxable under the National Internal Revenue Code, as amended,
realized here or abroad by any taxpayer, natural or juridical; the
collection of all internal revenue taxes including the increments or
penalties or account of non-payment as well as all civil, criminal of
administrative liabilities arising from or incident to such disclosures
under the National Internal Revenue Code, the Revised Penal Code, the
Anti-Graft and Corrupt Practices Act, the Revised Administrative Code,
the Civil Service laws and regulations, laws and regulations on
Immigration and Deportation, or any other applicable law of
proclamation, are hereby condoned and, in lieu thereof, a tax of ten
(10%) per centum on such previously untaxed income or wealth is hereby
imposed, subject to the following conditions: chanroblesvirtualawlibrary
a. Such previously untaxed income and/or wealth must
have been earned or realized prior to 1972;chanroblesvirtualawlibrary
b. The taxpayer must file a return with the
Commissioner of Internal Revenue on or before March 31, 1973, showing
such previously untaxed income and/or wealth;chanroblesvirtualawlibrary
c. If such previously untaxed wealth or a 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 (6) months from time of such disclosure:cralaw:red
1. Government bonds;chanroblesvirtualawlibrary
2. Government securities;chanroblesvirtualawlibrary
3. Government debentures;chanroblesvirtualawlibrary
4. Bonds, notes or other commercial papers issued by
domestic corporations; or
5. Any productive enterprise.
d. The taxpayer availing of this tax amnesty shall
file with the Bureau of Internal Revenue a return, in duplicate, which
shall be kept confidential and shall not be subject to verification.
2. Paragraph 3 of the same Decree is hereby amended
to read as follows:cralaw:red
"3. After the tax imposed under this Decree shall
have been paid, the taxpayer shall not be subject to any investigation,
whether civil, criminal or administrative insofar as such previously
untaxed wealth and/or income is concerned and shall not be used as
evidence against, or to the prejudice of, the declarant in any
proceeding before any court of law or body, whether judicial,
quasi-judicial or administrative in which he is a defendant or
respondent, and such declaration shall not be examined, inquired looked
into by any person, government official or employee having knowledge of
such declaration to disclose to any person any information relative to
such declaration and any violation hereof shall subject the offender to
an imprisonment of not more than two (2) years."
3. The Secretary of Finance, upon the recommendation
of the Commissioner of Internal Revenue, shall promulgate the Rules and
Regulations to implement this Decree. chanroblesvirtualawlibrary
Done in the City of Manila,
this 24th day of November, in the year of Our Lord, nineteen hundred
and seventy-two.
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