Entitlement Under the General Tax Amnesty.
Section 11
SEC. 11. Entitlement Under the General Tax Amnesty. - Except for the instances covered in Section 16 hereof, any person, whether natural or juridical, may enjoy the immunities and privileges of the General tax Amnesty by paying, at the taxpayer's option, an amnesty tax at: (i) the rate of two percent (2%) based on the taxpayer's total assets as of December 31, 2017, as declared in the Statement of Total Assets; or (ii) based on the taxpayer's total networth as of December 31, 2017, as declared in the Statement of Assets, Liabilities, and Networth filed pursuant to Section 12 hereof and in accordance with the following schedule of amnesty tax rates and minimum amnesty tax payments required: (a) Individual (whether resident or nonresident citizens, including resident of nonresident aliens), Trusts and Estates........5% or P75,000, whichever is higher. (b) Corporations (1) With subscribed capital of above P50 million.........5% or P1,000,000, whichever is higher. (2) With subscribed capital of above P20 million up to P50 million.........5% or P500,000, whichever is higher. (3) With subscribed capital of P5 million up to P20 million........5% of P250,000, whichever is higher. (4) With subscribed capital below P5 million.........5% or P100,000, whichever is higher. (c) Other juridical entities, including, but not limited to, cooperatives, foundations, that have been taxable as of December 31, 2017...........5% of P75,000, whichever is higher. Provided, That if the taxpayer opts to pay the amnesty tax based on total networth and the computed networth is negative, the taxpayer may still avail of the benefits of tax amnesty under this Title, and pay the minimum amnesty tax.