Section 11Sec./Art. 11

Section 77 of the National Internal Revenue Code of 1997, as amended, is hereby amended to read as follows:

"Section 77. Place and Time of Filing and Payment of Quarterly Corporate Income Tax. -

(A) Place of Filing. - Except as the Commissioner otherwise permits, the quarterly income tax declaration required in Section 75 and the final adjustment return required in Section 76 shall be filed, either electronically or manually, with any authorized agent bank, Revenue District Office through Revenue Collection Officer, or authorized tax software provider.

(B) Time of Filing the Income Tax Return. - The corporate quarterly declaration shall be filed, either electronically or manually, within sixty (60) days following the close of each of the first three (3) quarters of the taxable year. The final adjustment return shall be filed on or before the fifteenth (15th) day of April, or on or before the fifteenth (15th) day of the fourth (4th) month following the close of the fiscal year, as the case may be.

(C) Time of Payment of the Income Tax. - The income tax due on the corporate quarterly returns and the final adjustments income tax returns computed in accordance with Sections 75 and 76 shall be paid, either electronically or manually, at the time the declaration or return is filed, in a manner prescribed by the Commissioner."