Section 11Sec./Art. 11

Entitlement Under the General Tax Amnesty. - Except for the instances covered in Section 16 hereof, any person, whether natural or juridical, may enjoy the immunities and privileges of the General Tax Amnesty by paying, at the taxpayers option, an amnesty tax at:

(i) the rate of two percent (2%) based on the taxpayers total assets as of December 31,2017, as declared in the Statement of Total Assets; or

(ii) based on the taxpayers total networth as of December 31, 2017, as declared in the Statement of Assets, Liabilities, and Networth filed pursuant to Section 12 hereof and in accordance with the following schedule of amnesty tax rates and minimum amnesty tax payments required:

(a) Individual (whether resident or nonresident citizens, including resident or nonresident aliens), Trusts and Estates5% or ₱75,000, whichever is higher.

(b) Corporations

(1) With subscribed capital of above ₱50 million5% or ₱1,000,000, whichever is higher.

(2) With subscribed capital of above ₱20 million up to ₱50 million5% or ₱500,000, whichever is higher.

(3) With subscribed capital of ₱5 million up to ₱20 million5% or ₱250,000, whichever is higher.

(4) With subscribed capital of below ₱5 million5% or ₱100,000, whichever is higher.

(c) Other juridical entities, including, but not limited to, cooperatives and foundations, that have become taxable as of December 31, 20175% or ₱75,000, whichever is higher:

Provided, That if the taxpayer opts to pay the amnesty tax based on total networth and the computed networth is negative, the taxpayer may still avail of the benefits of tax amnesty under this Title, and pay the minimum amnesty tax.