WHEREAS, the deadline for the filing of Income Tax Returns for income earned in the year 1986 is on April 15, 1987;

WHEREAS, the Government has received numerous requests from non-resident taxpayers for extension of the period within which to file income tax returns without penalty;

WHEREAS, the grant of this extension will greatly redound to the benefit of the government as it will raise more revenues and encourage non-resident taxpayers to declare voluntarily their income and pay the tax due thereon;

NOW, THEREFORE, I, CORAZON C. AQUINO, President of the Philippines, do hereby order:

SECTION 1. Any provision of law to the contrary notwithstanding, a new period within which non-resident taxpayers may file their respective income tax returns for income earned in the year 1986 without penalty is hereby granted, to expire on May 31, 1987.

SECTION 2. This Executive Order shall take effect immediately.

Done in the City of Manila, this 5th day of May in the year of Our Lord, nineteen hundred and eighty-seven.


By the President:

(Sgd.) JOKER P. ARROYO
Executive Secretary