Section 11Sec./Art. 11

A new paragraph (h) is hereby added to Section 72 of the National Revenue Code, as amended, to read as follows:

"(h) Year-end adjustment. - On or before the end of the calendar year but prior to the payment of the compensation for the last payroll period, the employer shall determine the tax due for each employee on taxable compensation income for the entire taxable year in accordance with Section 21(a). The difference between the tax due from the employee for the entire year and the sum of taxes withheld from January to November shall either be withheld from his salary in December of the current calendar year or refunded to the employee, not later than January 25 of the succeeding year."