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PHILIPPINE LAWS, STATUTES & CODES
A collection of Philippine laws, statutes and codes not included or cited in the main indices of the Chan Robles Virtual Law Library.
Republic Acts :
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REPUBLIC ACT NO. 7498 - AN ACT
GRANTING TAX AMNESTY TO PERSONS REPATRIATING THEIR FOREIGN CURRENCIES
AND/OR SECURITIES TO THE PHILIPPINES Section 1. Qualification. — Any person not falling under the exceptions provided in Sec. 2 of this Act may avail of the tax amnesty herein provided. Sec. 2. Exceptions. — The following taxpayers
shall not be qualified to avail of the tax amnesty herein
granted: Sec. 3. Period of Availment. — A taxpayer shall avail of the tax amnesty herein granted within eight (8) months from the promulgation of the rules and regulations by the Secretary of Finance. Sec. 4. Amount of Amnesty Tax. — A taxpayer who wishes to avail of the tax amnesty shall pay an amnesty tax equivalent to ten percent (10%) of the amount of foreign currencies and/or securities repatriated to the Philippines. Sec. 5. Schedule of Payment. — The amnesty tax herein imposed shall be paid within two (2) months from the filing of the amnesty tax return. If the amnesty tax is not paid within the prescribed period, a surcharge equivalent to twenty-five percent (25%) of the unpaid amount shall be paid; otherwise, the application for tax amnesty shall be denied. Sec. 6. Conditions of Tax Amnesty. — A taxpayer
who wishes to avail of the tax amnesty shall: Sec. 7. Immunities and Privileges. — Upon full
compliance with the conditions of the tax amnesty, the taxpayer shall
enjoy the following immunities and privileges: Sec. 8. Deposit of Foreign Currencies. — Foreign currencies brought into this country pursuant to this Act may be deposited and maintained in any bank in the Philippines as a foreign currency and the Government or any of its agencies cannot compel the depositor to convert the same into some other currency. Sec. 9. Unlawful Divulgence of Amnesty Tax
Declaration. — It shall be unlawful for any person having knowledge of
such statement/payment to disclose any information relative hereto and
violation hereof shall subject the offender to imprisonment of not more
than five (5) years and/or a fine of not more than Five thousand pesos
(P5,000). Approved: May 15, 1992 |
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