Enlarging Coverage Of The Tax Amnesty On Previously Untaxed Income And/Or Wealth Subject To Certain Conditions
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Enlarging Coverage Of The Tax Amnesty On Previously Untaxed Income And/Or Wealth Subject To Certain Conditions
Presidential Decree No. 370
January 9, 1974
Case Overview and Summary
Summary of Presidential Decree No. 370Tax Amnesty on Previously Untaxed Income and/or Wealth
• Grants tax amnesty to any person who failed to avail of previous tax amnesty decrees (Section 1)
• Covers previously untaxed income and/or wealth earned or realized prior to 1973, with certain exclusions (Section 1(a))
• Exclusions:
- Capital gains transactions under Presidential Decree No. 16 but not complied with (Section 1(a)(1))
- Tax liabilities on withholding tax at source (Section 1(a)(2))
- Tax liabilities with assessment notices issued as of December 31, 1973 (Section 1(a)(3))
- Tax cases subject to valid information under Republic Act No. 2338 as of December 31, 1973 (Section 1(a)(4))
- Property transferred by reason of death or donation during 1972 (Section 1(a)(5))
• Requires filing a return with the Commissioner of Internal Revenue on or before June 28, 1974, showing the previously untaxed income and/or wealth (Section 1(b))
• Imposes a tax of 15% on the previously untaxed income and/or wealth (Section 1)
• If cash hoarded abroad, requires repatriation and deposit in a Philippine bank or investment in specified options within 6 months (Section 1(c))
• Provides payment schedules for the tax based on the amount due (Section 2)
• Grants confidentiality and non-disclosure of the declaration (Section 3)
• Prohibits investigation or use of the declaration as evidence against the declarant (Section 3)
• Imposes penalties for government officials who inquire or disclose information about the declaration (Section 3)
• Authorizes the Secretary of Finance to promulgate implementing regulations (Section 4)
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Executive Issuances
Presidential Decrees
tax amnesty
untaxed income
untaxed wealth
repatriation of cash
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Enlarging Coverage Of The Tax Amnesty On Previously Untaxed Income And/Or Wealth Subject To Certain Conditions
Presidential Decree No. 370
•January 9, 1974
PRESIDENTIAL DECREE No 370 January 9, 1974
ENLARGING COVERAGE OF THE TAX AMNESTY ON PREVIOUSLY UNTAXED INCOME AND/OR WEALTH SUBJECT TO CERTAIN CONDITIONS
WHEREAS, the periods granted under Presidential Decree No. 23, as amended, proclaiming a tax amnesty on the disclosure of previously untaxed income and/or wealth acquired in 1971 and prior years and Presidential Decree No. 157 proclaiming a tax amnesty on undeclared income and/or wealth acquired in 1972 have already expired;
WHEREAS, notwithstanding the unprecedented response of taxpayers who availed themselves of the tax amnesty provided by Presidential Decree No. 23, there still remain considerable number of taxpayers willing to avail of the aforesaid tax amnesty or make amendments on their tax amnesty returns;
WHEREAS, it is the avowed policy of the government to afford every opportunity for all taxpayers to come within the fold of the reforms under the New Society;
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 the Armed Forces of the Philippines...
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