WHEREAS, tax evaders who wish to relent and are willing to reform may be reluctant to disclose their liability for income taxes because of the criminal and civil penalties attendant to tax evasion;
NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Republic of the Philippines, by virtue of the powers in me vested by the Constitution as Commander-in-Chief of all the Armed Forces of the Philippines, and pursuant to Proclamation No. 1081, dated September 21, 1972, and General Order No. 1, dated September 22, 1972, as amended, whereby I have assumed direction of the operation of the entire Government, do hereby declare and order that:
(a) Such previously untaxed income 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, 1972 showing such previously untaxed income;
(c) If such previously untaxed income, or part thereof, consist of
cash hoarded abroad, such cash must be repatriated and deposited with
any bank in the Philippines or invested in any of the following within
six (6) months from the time of such disclosure:
1) Government bonds
2) Government securities
3) Government debentures or
4) Any productive enterprise
This condition shall apply also if such previously untaxed income, or part thereof, consist of cash hoarded in private vaults or safe deposit boxes in the Philippines.
(a) If the amount does not exceed P10.000.00 the tax must be paid
at the time of the filing of notice and return but not later than March
31, 1973;
(b) If the amount exceeds P10,000.00 the tax may be paid in two (2)
installments, the first installment to be paid upon the filing of. the
notice and return but not later than March 31, 1973; and the second
installment within three (3) months from the date of the filing of the
return but not later than June 30, 1973.
Done in the City of Manila, this 16th day of October, in the year of Our Lord, nineteen hundred and seventy-two.
(Sgd.) FERDINAND E. MARCOS
President
Republic of the Philippines