Section 14Sec./Art. 14

A new section designated as Section 51-A of the NIRC, as amended, is hereby inserted to read as follows:

"Sec. 51-A. Substituted Filing of Income Tax Returns by Employees Receiving Purely Compensation Income - Individual taxpayers receiving purely compensation income, regardless of amount, from only one employer in the Philippines for the calendar year, the income tax of which has been withheld correctly by the said employer (tax due equals tax withheld) shall not be required to file an annual income tax return. The certificate of withholding filed by the respective employers, duly stamped received by the BIR, shall be tantamount to the substituted filing of income tax returns by said employees."