Section 2
SEC. 2. That Section 5 of Presidential Decree No. 631 is hereby amended to read as follows: "SECTION 5. The amnesty tax imposed herein shall lie paid as follows: Resident citizens and aliens: 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 March 31, 1975; 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 March 31, 1975 and the second installment on or before May 31, 1975; If the amount due exceeds P50,000 the tax maybe paid in three equal installments, to wit: The first installment shall be paid upon the filing of the return but not later than March 31, 1975; The second installment shall be paid on or before May 31, 1975; and The third installment shall be paid on or before August 31, 1975. 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 filing of the return but not later than March 31, 1975 and provided that extended period of payment by installments does not exceed two years from the date the last installment is originally due; 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. For non-resident citizens and non-resident aliens having property in the Philippines:— If the amount due does not exceeds P5,000 the tax must be paid at the time of filing of the return but not later than June 30, 1975; 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 June 30, 1975 and the second installment on or before September 30, 1975. If the amount due exceeds P50,000 the tax maybe paid in three equal installments, to wit: The first installment shall be paid upon the filing of the return but not later than June 30, 1975; The second installment shall be paid on or before September 30, 1975; and The third installment shall be paid on or before December 31, 1975. 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 tax in equal installments but the first installment maybe paid at the time of filing of the return but not later than June 30, 1975 and provided that the extended period of payment by installments; does not exceed two years from the date the last installment is originally due. 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. If any installment is not paid on the due date thereof, there shall be collected as part of the tax interests upon such unpaid amount at the rate of 14% per annum from the due date of the installment to the date of payment, which must be made not later than three (3) months from the due date of such installment, otherwise, the entire amount including all upaid installments shall automatically become due on such date, and failure to pay the same within thirty (30) days shall render the amnesty granted herein null and void.