SECTION 2. Subsection (a) of Section 5 of Presidential Decree No. 631, as amended, is hereby amended to read as follows:
"Section 5. The amnesty tax imposed herein shall be paid as follows:
(a)
Resident citizens and aliens:
(1)
If the amount due does not exceed P5,000 the tax must be paid at the time of filing of the return but not later than April 30, 1975;
(2)
If the amount due exceeds P5,000 but is not more than P50,000, the tax maybe paid in two equal installments, the first installment to be paid upon the filing of the return but not later than April 30, 1975 and the second installment on or before June 30, 1975;
(3)
If the amount due exceeds P50,000 the tax maybe paid in three equal installments, to wit:
(i)
The first installment shall be paid upon the filing of the return but not later than April 30, 1975;
(ii)
The second installment shall be paid on or before June 30, 1975; and
(iii)
The third installment shall be paid on or before September 30, 1975.
(4)
In highly meritorious cases/and where the amount due exceeds P300,000 but does not exceed P500,000 the Commissioner of Internal Revenue may grant extension of time for the payment of the tax in equal installments but the first installment must be paid at the time of the filing of the return but not later than April 30, 1975 and provided that extended period of payment by installments does not exceed two years from the date the last installment is originally due;
(5)
In cases where the amount exceeds P500,000 the extended period of payment by installments should not exceed three years from the date the last installment is originally due."
