MALACAÑANG
M a n i l aPRESIDENTIAL DECREE No. 157 March 16, 1973
PROCLAIMING A TAX AMNESTY ON UNDECLARED INCOME AND/OR WEALTH ACQUIRED IN THE YEAR 1972, SUBJECT TO CERTAIN CONDITIONS
WHEREAS, it is the declared policy of the Government to afford tax evaders a chance to reform and become part of the New Society with a clean slate;
WHEREAS, under Presidential Decree No. 23, as amended, the tax amnesty covers previously untaxed income and/or wealth acquired up to December 31, 1971, only; and
WHEREAS, for the period from January 1, 1972 up to the proclamation of Martial Law on September 21, 1972, some sectors in the community may have labored under the inertia of past practices and wrongdoings, thereby leaving some of their incomes, wealth and other acquisitions unrecorded and/or unreported, rendering themselves liable to sanctions provided under our existing laws;
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...
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Presidential Decrees
Proclaiming A Tax Amnesty On Undeclared Income And/Or Wealth Acquired In The Year 1972, Subject To Certain Conditions
Presidential Decree No. 157
Summary of Presidential Decree No. 157
Tax Amnesty on Undeclared Income and/or Wealth Acquired in 1972
• Extends the tax amnesty under Presidential Decree No. 23 to undeclared income and/or wealth acquired in 1972, subject to the following conditions:
- Only those who availed of the amnesty under Presidential Decree No. 23 can take advantage of this amnesty. (Section 1a)
- For calendar year taxpayers, an income tax return for 1972 must be filed on or before April 16, 1973. (Section 1b)
- For fiscal year taxpayers, a return covering the period up to December 31, 1972, must be filed on or before April 16, 1973. (Section 1b)
- For calendar year taxpayers, the tax to be paid is the higher of the amount shown on the return or an amount equal to the 1971 income tax plus 40%. (Section 1c)
- For fiscal year taxpayers, the tax to be paid is the higher of: (1) the amount shown on the return, or (2) the sum of (a) an amount proportional to the preceding fiscal year's tax based on the period covered, and (b) 40% of that amount. (Section 1d)
• Tax payment terms:
- If the tax due is P5,000 or less, it must be paid upon filing the return, but not later than April 16, 1973. (Section 2a)
- If the tax due is over P5,000, it can be paid in two equal installments: the first upon filing the return, but not later than April 16, 1973, and the second on or before July 15, 1973. (Section 2b)
• The Secretary of Finance, upon the recommendation of the Commissioner of Internal Revenue, shall promulgate rules and regulations to implement this Decree. (Section 3)
Tax Amnesty on Undeclared Income and/or Wealth Acquired in 1972
• Extends the tax amnesty under Presidential Decree No. 23 to undeclared income and/or wealth acquired in 1972, subject to the following conditions:
- Only those who availed of the amnesty under Presidential Decree No. 23 can take advantage of this amnesty. (Section 1a)
- For calendar year taxpayers, an income tax return for 1972 must be filed on or before April 16, 1973. (Section 1b)
- For fiscal year taxpayers, a return covering the period up to December 31, 1972, must be filed on or before April 16, 1973. (Section 1b)
- For calendar year taxpayers, the tax to be paid is the higher of the amount shown on the return or an amount equal to the 1971 income tax plus 40%. (Section 1c)
- For fiscal year taxpayers, the tax to be paid is the higher of: (1) the amount shown on the return, or (2) the sum of (a) an amount proportional to the preceding fiscal year's tax based on the period covered, and (b) 40% of that amount. (Section 1d)
• Tax payment terms:
- If the tax due is P5,000 or less, it must be paid upon filing the return, but not later than April 16, 1973. (Section 2a)
- If the tax due is over P5,000, it can be paid in two equal installments: the first upon filing the return, but not later than April 16, 1973, and the second on or before July 15, 1973. (Section 2b)
• The Secretary of Finance, upon the recommendation of the Commissioner of Internal Revenue, shall promulgate rules and regulations to implement this Decree. (Section 3)