AN ACT INCREASING THE PENALTIES FOR TAX EVASION, AMENDING FOR THIS PURPOSE THE PERTINENT SECTIONS OF THE NATIONAL INTERNAL REVENUE CODE, AS AMENDED

Ninth Congress

Republic Act No. 7642             December 28, 1992

AN ACT INCREASING THE PENALTIES FOR TAX EVASION, AMENDING FOR THIS PURPOSE THE PERTINENT SECTIONS OF THE NATIONAL INTERNAL REVENUE CODE, AS AMENDED

Be it enacted by the Senate and House of Representatives of the Philippines in Congress assembled:

Section 1. A new paragraph (c) is hereby added to Section 252 of the National Internal Revenue Code, as amended, to read as follows:

Section 2. Section 253 of the National Internal Revenue Code, as amended, is hereby further amended to read as follows:

Section 3. The second paragraph of Section 254 of the National Internal Revenue Code, as amended, is hereby further amended to read as follows:

Section 4. Section 255 of the National Internal Revenue Code, as amended, is hereby further amended to read as follows:

Section 5. Section 256 of the National Internal Revenue Code, as amended, is hereby further amended to read as follows:

Section 6. Section 257 of the National Internal Revenue Code, as amended, is hereby further amended to read as follows:

Section 7. Section 258 of the National Internal Revenue Code, as amended, is hereby further amended to read as follows:

Section 8. Section 262 of the National Internal Revenue Code, as amended, is hereby further amended to read as follows:

Section 9. Paragraph (a) Section 263 of the National Internal Revenue Code, as amended, is hereby further amended to read as follows:

Section 10. Section 264 of the National Internal Revenue Code, as amended, is hereby further amended to read as follows:

Section 11. Section 265 of the National Internal Revenue Code, as amended, is hereby further amended to read as follows:

Section 12. Section 268 of the National Internal Revenue Code, as amended, is hereby further amended to read as follows:

Section 13. There is hereby created the Congressional Oversight Committee composed of the Chairmen of the Committees on Ways and Means of both Houses of Congress as Co-Chairman and three other members each from said committees. The Oversight Committee shall convene within two years after the approval of this Act to review its implementation and recommend amendments thereto.

Section 14. The Secretary of Finance shall, upon the recommendation of the Commissioner of Internal Revenue, promulgate the necessary rules and regulations for the effective implementation of this Act.

Section 15. All laws, decrees, orders, rules and regulations, and other issuances inconsistent with the provisions of this Act are hereby repealed or amended accordingly.

Section 16. This Act shall take effect upon its approval.

Approved: December 28, 1992.