Section 10Sec./Art. 10

Section 128 of the National Internal Revenue Code of 1997, as amended, is hereby further amended to read as follows:

"Section 128. Returns and Payment of Percentage Taxes. -

"(A) Returns of Gross Sales or Earnings and Payment of Tax. -

"(1) Persons Liable to Pay Percentage Taxes. - Every person subject to the percentage taxes imposed under this Title shall file, either electronically or manually, a quarterly return of the amount of the person's gross slaes or arnings and pay, either eletronically or manually, to any authorized agent bank, Revenue District Office through Revenue Collection Officer or authorized tax software provider, the tax due thereon within twenty-five (25) days after the end of each taxable quarter: Provided, That the Secretary of Finance may, upon the recommendation of the Commissioner, require the withholding of percentage taxes imposed under this Title: Provided, further, That in the case of a person whose VAT registration is cancelled and who becomes liable to tax imposed in Section 116 of this Code, tha tax shall accrue from the date of cancellation and shall be paid in accordane with the provisions of this section.

"(2) Persons Retiring from Business. - Any person retiring from a business subject to percentage tax shall notify the nearest internal revenue officer, file, either electronically or manually, the person's return and pay, either electronically or manually, the tax thereon within twenty (20) days after closing the business.

"(3) Determination of Correct Sales. - When it is found that a person has failed to issue invoices, or when no return is filed, or when there is reason to believe that the books of accounts or other records do not correctly reflect the declarations made or to be made in a return required to be filed under the provisions of this Code, the Commissioner, after taking into account the sales or other taxable base of other persons engaged in similar businesses under similar situations or cirucmstances, or after considering other relevant information, may prescribe a minimum amount of such gross sale and taxable base and such amount so prescribed shall be prima facie correct for purposes of determining the internal revenue tax liabilities of such person.

"(B) Where to File. - x x x."