AMENDING PARAGRAPHS 1 AND 3 OF PRESIDENTIAL DECREE NO. 23, DATED OCTOBER 16, 1972

WHEREAS, under Presidential Decree No. 23, dated
October 16, 1972, only the payment of income tax and the penalties
incident to non-payment thereof are condoned in case of voluntary
disclosure of any previously untaxed income.

WHEREAS, such disclosure may render the declarant
liable to other internal revenue tax or taxes and the penalties incident
thereto, for which reason taxpayers concerned may be reluctant in
making such disclosures; and

WHEREAS, it is the declared policy of the Government to afford tax
evaders a chance to reform and be a part of the New Society with a clean
slate;

NOW, THEREFORE, I, FERDINAND E. MARCOS, President of
the Republic of the Philippines, by virtue of the powers in me vested
by the Constitution as Commander-in-Chief of all the Armed Forces of the
Philippines, and pursuant to Proclamation No. 1081, dated September 21,
1972, and General Order No. 1, dated September 22, 1972, as amended,
whereby I have assumed direction of the operation of the entire
Government, do hereby declare and order that:

1. Paragraph 1 of Presidential Decree No. 23, dated October 16, 1972,
   is hereby amended to read as follows:

   “1. In all cases of voluntary disclosures of previously untaxed
   income and/or wealth such as earnings, receipts, gifts, bequests or any
   other acquisitions from any source whatsoever which arc taxable, under
   the National Internal Revenue Code, as amended, realized here or abroad
   by any taxpayer, natural or juridical; the collection of all internal
   revenue taxes including the increments or penalties or accounts of
   non-payment as well as all civil, criminal or administrative liabilities
   arising from or incident to such disclosures under the National
   Internal Revenue Code, the Revised Penal Code, the Anti-Graft and
   Corrupt Practices Act, the Revised Administrative Code, the Civil
   Service Laws and regulations, laws and regulations on Immigration and
   Deportation, or any other applicable law or proclamation, are hereby
   condoned and, in lieu thereof, a tax of ten (10%) per centum on such
   previously untaxed income or wealth is hereby imposed, subject to the
   following conditions:

   1. Such previously untaxed income and/or wealth must have been earned
      or realized prior to 1972;
   2. The taxpayer must file a return with the Commissioner of
      Internal Revenue on or before March 31, 1973, showing such previously
      untaxed income and/or wealth;
   3. If such previously untaxed wealth or a part thereof, consist
      of cash hoarded abroad, such cash must be repatriated and deposited with
      any bank in the Philippines or invested in any of the following within
      six (6) months from time of such disclosure:
      1. Government bonds;
      2. Government securities;
      3. Government debentures;
      4. Bonds, notes or other commercial papers issued by domestic
         corporations; or
      5. Any productive enterprise.
   4. The taxpayer availing of this tax amnesty shall file with the
      Bureau of Internal Revenue a return, in duplicate, which shall be kept
      confidential and shall not be subject to verification.
2. Paragraph 3 of the same Decree is hereby amended to read as
   follows:

   “3. After the tax imposed under this Decree shall have been paid, the
   taxpayer shall not be subject to any investigation, whether civil,
   criminal or administrative insofar as such previously untaxed wealth
   and/or income is concerned and shall not be used as evidence against, or
   to the prejudice of the declarant in any proceeding before any court of
   law or body, whether judicial, quasi-judicial or administrative in
   which he is a defendant or respondent, and such declaration shall not be
   examined, inquired or looked into by any person, government official,
   bureau or office. It shall be unlawful for any official or employee
   having knowledge of such declaration to disclose to any person any
   information relative to such declaration and any violation hereof shall
   subject the offender to an imprisonment of not more than two (2) years.”

3. The Secretary of Finance, upon the recommendation of the
   Commissioner of Internal Revenue, shall promulgate the Rules and
   Regulations to implement this Decree.

Done in the City of Manila, this 24th day of November, in the year of
Our Lord, nineteen hundred and seventy-two.

			(Sgd.) FERDINAND E. MARCOS President Republic of the Philippines
	By the President:
	(Sgd.) ALEJANDRO MELCHOR
		Executive Secretary