Amending Revenue Regulations No. 2-74 dated January 14, 1974 implementing Presidential Decree No. 370

May 16, 1974 REVENUE REGULATIONS NO. 05-74 SUBJECT : Amending Revenue Regulations No. 2-74 dated January 14, 1974 implementing Presidential Decree No. 370 dated January 9, 1974 TO : All Internal Revenue Officers and Others Concerned SECTION 1. Section 7 of Revenue Regulations No. 2-74 dated January 14, 1974, is hereby amended to read as follows: "SEC. 7. Payment of the tax ; effect of payment . The tax imposed herein must be paid within the following period: a. If the amount due does not exceed P10,000.00, the tax must be paid at the time of the filing of the return, but not later than June 28, 1974; b. If the amount due, exceeds P10,000.00 but does not exceed P50,000.00, the tax may be paid in two installments, the first installment to be paid upon the filing of the return but not later than June 28, 1974, and the second installment shall be paid on or before September 30, 1974; c. If the amount due exceeds P50,000.00 but does not exceed P300,000.00, the tax may be paid in three equal installments, according to the following schedule: (1) The first installment shall be paid upon the filing of the return but not later than June 28, 1974; (2) The second installment shall be paid on or before September 30, 1974. (3) The third installment shall be paid on or before December 31, 1974. d. In meritorious cases and where the amount exceeds P300,000.00, the Commissioner of Internal Revenue may grant extension of time for the payment of the tax in equal installments but the first installment must be paid at the time of the filing of the return, but no later than June 28, 1974 and the last installment not later than May 31, 1975. cd e. If any installment payment is not paid on the due date of said installment, there shall be collected as part of the tax interest upon such unpaid amount at the rate of 14% per annum from the due date of the installment to the date of payment, which must be made not later than three (3) months from the due date of such installment, otherwise the entire amount including all unpaid installments shall automatically be due on such date and failure to pay the same within thirty (30) days shall render the amnesty granted herein null and void." SECTION 2. Section 11 of the same revenue regulations is likewise amended to read as follows: "SEC. 11. Penal Provision . (a) Failure to comply with conditions . Failure to comply with any of the conditions and requirements set forth in these Regulations shall nullify any immunity provided for in Presidential Decree No. 370. The Commissioner of Internal Revenue shall, in such cases of failure to comply with any condition or to pay the tax on time, compute the internal revenue taxes in accordance with the tax rates prevailing in 1972 on the whole amount of such previously untaxed income and/or wealth, as provided for in the National Internal Revenue Code, as amended, and apply the penal provisions of the said Code." SECTION 3. These Regulations shall take effect immediately. cdta CESAR VIRATA Secretary of Finance Recommended by: MISAEL P. VERA Commissioner of Internal Revenue TAN 1601-593-5