Coverage.
Section 1
SECTION 1. Coverage. — In case of voluntary disclosure of previously untaxed income and/or wealth such as earnings, receipts, gifts, bequests or any other acquisition from any source whatsoever, realized here or abroad, by any individual taxpayer, which are taxable under the National Internal Revenue Code, as amended, the assessment and collection of all internal revenue taxes, including the increments or penalties on account of non-payment as well as all civil, criminal or administrative liabilities arising from or incident thereto under the National Internal Revenue Code, are hereby condoned provided that the individual taxpayer shall pay: a tax of twenty per centum (20%) on such previously untaxed income or wealth in the case of resident citizens or resident aliens; or a tax of two per centum (2%) on such previously untaxed income converted in U.S. Dollars derived from sources abroad, in the case of non-resident citizens. Those who have already availed of the benefits granted under Presidential Decree No. 1740 and its implementing regulations may also take advantage of the benefits provided for under this Decree and shall be allowed to credit any amount previously paid under Presidential Decree No. 1740 against the amnesty tax payable under this Decree.