Amending Paragraphs 1 And 3 Of Presidential Decree No. 23, DatedOctober 16, 1972

MALACAÑANG
M a n i l a

PRESIDENTIAL DECREE No. 67 November 24, 1972

AMENDING PARAGRAPHS 1 AND 3 OF PRESIDENTIAL DECREE NO. 23, DATED OCTOBER 16, 1972

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;

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;

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,...

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Summary of Presidential Decree No. 67

Tax Amnesty for Previously Untaxed Income and Wealth
- Paragraph 1 of Presidential Decree No. 23 is amended to provide tax amnesty for previously untaxed income and/or wealth.
- A tax of 10% is imposed on such previously untaxed income or wealth, subject to the following conditions:
• The income/wealth must have been earned or realized prior to 1972. (Section 1a)
• 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. (Section 1b)
• If the previously untaxed wealth includes cash hoarded abroad, it must be repatriated and deposited with any bank in the Philippines or invested in specified instruments within 6 months from the time of disclosure. (Section 1c)
• The taxpayer must file a confidential return with the Bureau of Internal Revenue, which shall not be subject to verification. (Section 1d)

Confidentiality and Non-Prosecution
- After paying the 10% tax, the taxpayer shall not be subject to any investigation, whether civil, criminal, or administrative, regarding the previously untaxed wealth and/or income. (Section 2)
- The declaration shall not be used as evidence against, or to the prejudice of, the declarant in any proceeding. (Section 2)
- Any person who discloses information relative to the declaration shall be subject to imprisonment of not more than two (2) years. (Section 2)

Implementation
- The Secretary of Finance, upon the recommendation of the Commissioner of Internal Revenue, shall promulgate the Rules and Regulations to implement this Decree. (Section 3)