Amending Presidential Decree Numbered Six Hundred Thirty-One.
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Amending Presidential Decree Numbered Six Hundred Thirty-One.
Presidential Decree No. 662
March 3, 1975
Case Overview and Summary
Summary of Presidential Decree No. 662Amending the Tax Amnesty Provisions of Presidential Decree No. 631
- Filing Deadlines (Section 1):
• For resident Filipino citizens and aliens: File tax amnesty return with BIR on or before March 31, 1975.
• For Filipino citizens residing abroad and non-resident aliens with properties in the Philippines: File tax amnesty return with BIR or nearest Philippine embassy/consulate on or before June 30, 1975.
- Payment of Amnesty Tax (Section 2):
For Resident Citizens and Aliens:
• If amount due ≤ ₱5,000: Pay in full by March 31, 1975. (Section 5(a)(1))
• If ₱5,000 < amount due ≤ ₱50,000: Pay in 2 equal installments - 1st by March 31, 1975, 2nd by May 31, 1975. (Section 5(a)(2))
• If amount due > ₱50,000: Pay in 3 equal installments - 1st by March 31, 1975, 2nd by May 31, 1975, 3rd by August 31, 1975. (Section 5(a)(3))
• If ₱300,000 < amount due ≤ ₱500,000 (highly meritorious cases): Commissioner may grant extension up to 2 years from original due date, with 1st installment by March 31, 1975. (Section 5(a)(4))
• If amount due > ₱500,000: Extended period up to 3 years from original due date. (Section 5(a)(5))
For Non-Resident Citizens and Non-Resident Aliens:
• If amount due ≤ ₱5,000: Pay in full by June 30, 1975. (Section 5(b)(1))
• If ₱5,000 < amount due ≤ ₱50,000: Pay in 2 equal installments - 1st by June 30, 1975, 2nd by September 30, 1975. (Section 5(b)(2))
• If amount due > ₱50,000: Pay in 3 equal installments - 1st by June 30, 1975, 2nd by September 30, 1975, 3rd by December 31, 1975. (Section 5(b)(3))
• If ₱300,000 < amount due ≤ ₱500,000 (highly meritorious cases): Commissioner may grant extension up to 2 years from original due date, with 1st installment by June 30, 1975. (Section 5(b)(4))
• If amount due > ₱500,000: Extended period up to 3 years from original due date. (Section 5(b)(5))
- Interest on Late Payments (Section 2):
• If any installment is not paid on due date, 14% per annum interest will be charged from due date to payment date. (Section 5(c))
• Payment must be made within 3 months from due date, otherwise entire amount (including unpaid installments) becomes due. (Section 5(c))
• If entire amount not paid within 30 days after becoming due, amnesty is rendered null and void. (Section 5(c))
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Executive Issuances
Presidential Decrees
tax amnesty
income tax
wealth tax
filing deadline
payment deadline
installment payments
interest rates
resident citizens
non-resident citizens
aliens
Philippines
Law
Amending Presidential Decree Numbered Six Hundred Thirty-One.
Presidential Decree No. 662
•March 3, 1975
MALACAÑANGM a n i l a
PRESIDENTIAL DECREE No. 662 March 3, 1975
AMENDING PRESIDENTIAL DECREE NUMBERED SIX HUNDRED THIRTY-ONE.
WHEREAS, there were many taxpayers who were not able to file the amnesty return and pay the tax due thereon under Presidential Decree No. 631 on the last day for filing and payment on the tax inasmuch as the last day fell on the date immediately following the National Referendum and the long holiday period;
WHEREAS, the proximity of the last day for paying the amnesty tax almost coincides with the deadlines for paying income tax for 1974, as well as with other payments of other governmental fees during the first quarter of 1975 which may upset the financial plans of taxpayers, thereby making it difficult for them to comply promptly with the various requirements of their obligations to the government within the short interval of time;
WHEREAS, there are many Filipinos residing abroad who may want to avail of the benefits provided for by Presidential Decree No. 631 which grants ultimate tax amnesty but...
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