Conditions and Procedures for Availing the Amnesty
- Businesses must file a notice and return in prescribed form by Commissioners of Internal Revenue and Customs.
- Pay an amnesty tax of PHP 25,000 within six months from the law's effectivity.
- Amnesty covers difference between national/local tax impositions and a fixed 5% tax on gross income as determined by revenue regulations.
Immunity from Civil, Criminal, and Administrative Liabilities
- Full compliance with amnesty conditions grants relief from any liabilities related to nonpayment of covered taxes, duties, and charges.
Rulemaking and Implementation
- Department of Finance, in coordination with Bureau of Internal Revenue and Customs, will issue implementing rules.
- Consultations with Bases Conversion and Development Authority and management corporations of the economic zones are required.
- Rules to be promulgated within two months from the law's effectivity.
Legal Provisions on Constitutionality and Repeal
- Separability clause ensures unaffected provisions remain valid if any part is declared unconstitutional.
- Repealing clause amends or repeals inconsistent laws, decrees, orders, or issuances.
Effectivity
- The law takes effect fifteen days after publication in the Official Gazette or two newspapers of general circulation, whichever comes first.