Section 36
SEC. 36. Transitional Provisions. (1) In implementing the provisions of Section 27 of Presidential Decree No. 1705, a corporation using the fiscal year as its accounting period shall pay the fixed tax beginning 1981 in accordance with the following transition rules: (a) On or before January 31, 1981, the proportion of the fixed tax prescribed in Section 192 of the National Internal Revenue Code which the number of months beginning January 1, 1981 and ending at the close of the taxpayer’s fiscal year during 1981 bears to twelve months; and, (b) On or before last day of the first month of the fiscal year which will begin in 1981, the full amount of fixed tax prescribed under the Tax Code. (2) In implementing Section 46 (b) of the National Internal Revenue Code, as amended by Presidential Decree No. 1705, a partnership which has been filing its income tax return on the basis of the fiscal year shall file a fractional return for less than twelve months ending December 31, 1980 in order to effect the change from fiscal year to the calendar year basis beginning 1981. A separate income tax return shall likewise be filed by an individual partner covering distributive share in the net profit of the partnership as declared in its fractional return. The said individual partners separate return shall be filed on or before April 15, 1981 and the tax due thereon, if any, shall be paid on the same date: Provided, further, That if the total amount of income tax payable by the individual partner exceeds P10,000.00, the Minister of Finance may allow payment of the tax in installment with a period not to extend beyond November 30, 1981.