Executive Order No. 95 (1986)

Sec. 1. The period within which taxpayers may avail themselves of the expanded tax amnesty under Executive Order No. 41, as amended, is hereby extended up to January 31, 1987.

Sec. 2. The payment of the amnesty tax under this amendatory Executive Order shall be as follows:

(a) If P50,000.00 or less, the tax must be paid at the time of the filing of the return;

(b) If more than P50,000.00, the tax may be paid in two equal installments: the first upon the filing of the return; and second, on or before January 31, 1987.

If the amnesty tax or any installment thereof under this amendatory Executive Order is not paid on its due date, a surcharge equivalent to 25% of the unpaid amount shall be collected. The unpaid tax or its installment and the surcharge shall be paid not later than one month from the due date thereof, otherwise the application for tax amnesty shall be denied. No case hereunder shall result in a refund.

Sec. 3. The taxpayers who have availed themselves of the tax amnesty under Executive Order No. 41, as amended, prior to this amendatory Executive Order shall continue to enjoy the benefits, immunities and privileges therein provided.

The provisions of Executive Order No

Sec. 4. The provisions of Executive Order No. 41, as amended, which are not contrary to or inconsistent with this amendatory Executive Order shall remain in full force and effect.

Sec. 5. The Minister of Finance, upon the recommendation of the Commissioner of Internal Revenue, shall promulgate the necessary rules and regulations to implement this Executive Order.

This Executive Order shall take effect immediately

Sec. 6. This Executive Order shall take effect immediately.

Done in the City of Manila, this 17th day of December, in the year of Our Lord, nineteen hundred and eighty-six.