Section 5Sec./Art. 5

Grant of Tax Amnesty. Except for the persons or cases covered in Section 8 hereof, any person, whether natural or juridical, may avail himself of the benefits of tax amnesty under this Act, and pay the amnesty tax due thereon, based on his networth as of December 31, 2005 as declared in the SALN as of said period, in accordance with the following schedule of amnesty tax rates and minimum amnesty tax payments required:

(a) Individuals (whether resident or nonresident citizens, including resident or nonresident aliens) , Trusts and Estates

5% or P50,000, whichever is higher

(b) Corporations

(1) With subscribed capital of above P50 Million

5% or P500,000 whichever is higher

(2) With subscribed capital of above P20 Million up to P50 Million

5% or P250,000, whichever is higher

(3) With subscribed capital of P5 Million to P20 Million

5% or P100,000, whichever is higher

(4) With subscribed capital of

below P5 Million

5% or P25,000, whichever is higher

(c) Other juridical entities, including, but not limited to, cooperatives and foundations, that have become taxable as of December 31, 2005 whichever is higher.

5% or P50,000,

(d) Taxpayers who filed their balance sheet/SALN, together with their income tax returns for 2005, and who desire to avail of the tax amnesty under this Act shall amend such previously filed statements by including still undeclared assets and/or liabilities and pay an amnesty tax equal to five percent (5%) based on the resulting increase in networth: Provided, That such taxpayers shall likewise be categorized in accordance with, and subjected to the minimum amounts of amnesty tax prescribed under the provisions of this Section.