Section 16Sec./Art. 16

Section 56 of the NIRC, as amended. is hereby further amended to read as follows:

"Sec. 56. Payment and Assessment of Income Tax for Individuals and Corporations -

"(A) Payment of Tax -

"(1) x x -

"(2) Installment of Payment. - When a tax due is in excess of Two thousand pesos (₱2,000), the taxpayer other than a corporation, may elect to pay the tax in two (2) equal installments, in which case, the first installment shall be paid at the time the return is filed and the second installment on or before October 15 following the close of the calendar year, if any installment is not paid on or before the date fixed for its payment, the whole amount of the tax unpaid becomes due and payable together with the delinquency penalties."