Section 15Sec./Art. 15

Section 56 of the National Internal Revenue Code of 1997, as amended, is hereby further amended to read as follows:

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

(A) Payment of Tax. -

x x x

(3) Payment of Capital Gains Tax. - The total amount of tax imposed and prescribed under Sections 24(B)(3), 24(B)(4), 25(A)(1), 27(D)(4), 27(D)(5), 28(A)(1) and 28(B)(5)(c) shall be paid on the date the return prescribed therefor is filed by the person liable thereto: Provided, That if the seller submits proof of the intention to avail of the benefit of exemption of capital gains under existing special laws or tax treaties, no such payments shall be required: Provided, further, That in case of failure to qualify for exemption under such special laws, tax treaties, and implementing rules and regulations, the tax due on the gains realized from the original transaction shall immediately become due and payable, subject to the penalties prescribed under applicable provisions of this Code: Provided, finally, That if the seller, having paid the tax, submits such proof of intent within six (6) months from the registration of the document transferring the real property, the seller shall be entitled to a refund of such tax upon verification of compliance with the requirements for such exemption.

x x x."