Section 7December 28, 1992, Sec./Art. 7

Section 258 of the National Internal Revenue Code, as amended, is hereby further amended to read as follows:

"Sec. 258. Illegal collection of foreign payments. - Any person who knowingly undertakes the collection of foreign payments as provided under Section 60 of this Code without having obtained a license therefor, or without complying with its implementing regulations, shall, upon conviction for each act or omission, be fined not less than Twenty thousand pesos but not more than Fifty thousand pesos and suffer imprisonment of not less than one year but not more than two years."