Amending Section 5 of Revenue Regulations No. 15-72 implementing Presidential Decree No. 23, as amended

May 4, 1973 REVENUE REGULATIONS NO. 05-73 SUBJECT : Amending Section 5 of Revenue Reg ulati ons No. 15-72 implementing Presidential Decree No. 23, as amended by Presidential Decree No. 67, providing for tax amnesty TO : All internal revenue officers and others concerned SECTION 1. Section 5 of Revenue Regulations No. 15-72 is hereby amended to read as follows: "Sec. 5. Conditions under which amnesty may be granted . The tax on previously untaxed income and/or wealth referred to in Section 3 hereof shall be accepted under the following conditions: (a) Such previously untaxed income and/or wealth must have been earned or realized prior to 1972; (b) The taxpayer must file a notice and return with the Commissioner of Internal Revenue on or before March 31, 1973 showing such previously untaxed income and/or wealth; (c) If such previously untaxed income and/or wealth, or part thereof, consists of cash hoarded abroad, such cash must be repatriated and deposited with any bank in the Philippines or invested as entrepreneur capital, additional capital contribution or in new issues of capital stocks in any of the preferred areas of productive undertaking, to wit: 1. BOI registered enterprises; 2. NACIDA promoted industries; 3. BTTI sponsored tourist oriented projects; 4. Export oriented industries; 5. Banks: rural, private development, commercial; 6. Utilities: transport, communication, power; 7. Agricultural cooperatives; 8. Livestock and other agricultural development projects; 9. Foreign equity in domestic/resident corporations; 10. Insurance companies; 11. Savings and loan associations; 12. Investments houses; aisa dc or utilized in the purchase of new issues of the following instruments: 1. Government bonds; 2. Government securities; 3. Government debentures; 4. Bonds, notes or other commercial papers issued by domestic corporations. Such investments must be made within six (6) months from the date of such disclosure. The shares of stock or instruments are not to be disposed of, transferred, assigned or conveyed within a period of three (3) years from the date of said investment." cdt SECTION 2. These regulations shall take effect immediately. CESAR VIRATA Secretary of Finance Recommended by: CONDRADO P. DIAZ Acting Commissioner of Internal Revenue