Section 11 (i) of Senate Bill No.

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SEC. 11. Repealing Clause. - The following provisions of the law insofar as they relate to deposits
are hereby repealed:

(i) Section 11 of Republic Act No. 9160, as amended, also known as the Anti-Money
Laundering Act of 2001, as amended, in so far as it requires an order of any competent
court before the AMLC can inquire into bank deposits, including related accounts, with
any banking institution or non-bank financial institution.

All laws, presidential decrees, executive orders, rules and regulations, and other issuances,
or any parts thereof, inconsistent with this Act, are hereby repealed, modified, or amended
accordingly.

Section 11 of Republic Act No. 9160

SEC. 11. Authority to Inquire into Bank Deposits. — Notwithstanding the provisions of Republic
Act No. 1405, as amended; Republic Act No. 6426, as amended; Republic Act No. 8791, and
other laws, the AMLC may inquire into or examine any particular deposit or investment with any
banking institution or non-bank financial institution upon order of any competent court in cases
of violation of this Act when it has been established that there is probable cause that the
deposits or investments involved are in any way related to a money laundering offense:
Provided, That this provision shall not apply to deposits and investments made prior to the
effectivity of this Act.

Vetoed provisions of R.A. No. 11213 (Tax Amnesty Law) that are relevant to the Bank Secrecy Law

Section 2 (bd

Section 2. Declaration of Policy. - It is hereby declared the policy of the State to protect and
enhance revenue administration and collection, and make the country’s tax system more
equitable, by simplifying the tax compliance requirements. Towards this end, the State shall:

b) Broaden the tax base by offering a general tax amnesty for all unpaid internal revenue taxes
that will help cleanse, organize, and improve the Bureau of Internal Revenue’s database;

Section 3 (d) & (e)

Section 3. Definition of Terms. - As used in this Act:

d) Statement of Assets, Liabilities, and Networth refers to a declaration of the assets, liabilities,
and networth. as of December 31, 2017, as follows:

(1) Assets within or without the Philippines, whether real or personal, tangible or
intangible, whether or not used in trade or business: Provided, That property other than
money shall be valued at the cost at which the property was acquired: Provided, further
 That foreign currency assets and/or securities shall be valued at the rate of exchange
prevailing as of the date of the Statement of Assets, Liabilities, and Net worth;

(2) All existing liabilities which are legitimate and enforceable, secured or unsecured,
whether or not incurred in trade or business; and

(3) The networth of the taxpayer, which shall be the difference between the total assets
and total liabilities.

(e) Total asset refers to the amount of the aggregate assets whether within or without the
Philippines, real or personal, tangible or intangible, or ordinary or capital.

Title III General Tax Amnesty

TITLE III GENERAL TAX AMNESTY

Section 10. Coverage. - There is hereby authorized and granted a tax amnesty, hereinafter called
General Tax Amnesty, which, shall cover all national internal revenue taxes such as, but not limited to,
income tax, withholding tax, capital gains tax. donor’s tax, value-added tax, other percentage taxes,
excise tax and documentary stamp tax collected by the Bureau of Internal Revenue, including value-
added tax and excise taxes collected by the Bureau of Customs for taxable year 2017 and prior years,
with or without assessments duly issued therefor, that have remained unpaid: Provided, however, That
the General Tax Amnesty hereby authorized and granted shall not cover persons or cases enumerated
under Section 16 and Title IV hereof.

Section 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 taxpayers 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 or nonresident

(b) Corporations

(1) With subscribed capital of above ₱50 million………5% or ₱1,000,000, whichever is higher.

(2) With subscribed capital of above ₱20 million up to ₱50 million………5% or ₱500,000,
whichever is higher.
 (3) With subscribed capital of ₱5 million up to ₱20 million………5% or ₱250,000, whichever is
higher.

(4) With subscribed capital of below ₱5 million………5% or ₱100,000, whichever is higher.

(c) Other juridical entities, including, but not limited to, cooperatives and foundations, that have
become taxable as of December 31, 2017………5% or ₱75,000, 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.

Section 12. Availment of the General Tax Amnesty; When and. Where to File and Pay. - Any person,
natural or juridical, who wishes to avail of the General Tax Amnesty shall, within one (1) year from the
effectivity of the Implementing Rules and Regulations, file with the appropriate office of the Bureau of
Internal Revenue, which has jurisdiction over the taxpayer, a sworn General Tax Amnesty Return
accompanied by a notarized Statement of Total Assets or notarized Statement of Asssets, Liabilities, and
Networth, as the case maybe, as of December 31, 2017. The payment of the amnesty tax shall be made
at the time the Return is filed:

Provided, That the Revenue District Officer shall issue and endorse an Acceptance Payment Form, in
such form as may be prescribed in the Implementing Rules and Regulations of this Act authorizing
the authorized agent bank, or in the absence thereof, the revenue collection agent or municipal
treasurer concerned, to accept the amnesty tax payment:

Provided, further, That the availment of the General Tax Amnesty and the issuance of the
corresponding Acceptance Payment Form do not imply any admission of criminal, civil or
administrative liability on the part of the availing taxpayer:

Provided, furthermore, That if the tax amnesty is availed based on the period indicated hereunder,
the taxpayer shall be entitled to the corresponding reduction in the total amnesty tax due:

(a) If paid on or before the end of the third calendar month from the effectivity of the
Implementing Rules and Regulations………20%;

(b) If paid after the end of the third calendar month until the end of the sixth calendar month
from the effectivity of the Implementing Rules and Regulations………15%; and

(c) If paid after the end of the sixth calendar month until the end of the ninth calendar month
from the effectivity of the Implementing Rules and Regulations………10%.

Section 13. Contents of the Statement of Total Assets and. Statement of Assets, Liabilities, and
Networth. -

(A) The Statement of Total Assets shall contain a declaration of the total assets as of December 31, 2017,
as follows:
 (1) Assets within or without the Philippines, whether real or personal, tangible or intangible,
whether or not used in trade or business:

(a) Real properties shall be accompanied by a description of their classification, exact location,
and valued at acquisition cost, if acquired by purchase, or the zonal valuation or fair market
value as shown in the schedule of values of the provincial, city or municipal assessors at the time
of inheritance or donation, whichever is higher, if acquired through inheritance or donation;

(b) Personal properties other than money, shall be accompanied by a specific description of the
kind and number of assets (e.g. automobiles, shares of stock, etc.) or other investments,
indicating the acquisition cost less the accumulated depreciation or amortization, or the
corresponding book value for shares of stock, in proper cases, if acquired by purchase, or the
fair market price or value at the date of the Statement of Total Assets, if acquired through
inheritance or donation;

(c) Assets denominated in foreign currency shall be converted into the corresponding Philippine
currency equivalent, at the rate of exchange prevailing as of the date of the Statement of Total
Assets; and

(d) Cash on hand and in bank in peso as of the date of the Statement of Total Assets, as well as
cash on hand and in bank in foreign currency, converted to Philippine peso at the rate of
exchange prevailing as of the date of the Statement of Total Assets.

(B) The Statement of Assets, Liabilities, and Networth shall contain a true and complete declaration of
assets, liabilities, and networth of the taxpayer as of December 31, 2017, as follows:

(1) Assets within or without the Philippines, whether real or personal, tangible or intangible,
whether or not used in trade or business:

(a) Real properties shall be accompanied by a description of their classification, exact location,
and valued at acquisition cost, if acquired by purchase, or the zonal valuation or fair market
value as shown in the schedule of values of the provincial, city or municipal assessors, at the
time of inheritance or donation, whichever is higher, if acquired through inheritance or
donation;

(b) Personal properties other than money, shall be accompanied by a specific description of the
kind and number of assets (e.g. automobiles, shares of stock, etc.) or other investments,
indicating the acquisition cost less the accumulated depreciation or amortization, or the
corresponding book value for shares of stock, in proper cases, if acquired by purchase, or the
fair market price or value at the date of the Statement of Assets, Liabilities, and Networth, if
acquired through inheritance or donation;

(c) Assets denominated in foreign currency shall be converted into the corresponding Philippine
currency equivalent, at the rate of exchange prevailing as of the date of the Statement of Assets,
Liabilities, and Networth; and
 (d) Cash on hand and in bank in peso as of the date of the Statement of Assets, Liabilities, and
Networth, as well as cash on hand and in bank in foreign currency, converted to Philippine peso
at the rate of exchange prevailing as of the date of the Statement of Assets, Liabilities, and
Networth.

(2) All existing liabilities, which are legitimate and enforceable, secured or unsecured, whether or
not incurred in trade or business, disclosing or indicating clearly the name and address of the
creditor and the amount of the corresponding Lability.

(3) The total networth of the taxpayer, which shall be the difference between the total assets and
total liabilities.

Section 14. Presumption of Correctness of the Statement of Total Assets, and Statement of Assets,
Liabilities, and Networth. - The Statement of Total Assets or the Statement of Assets, Liabilities, and
Networth, filed at the option of the taxpayer, shall be conclusively presumed as true, correct, and final
upon filing thereof, and shall be deemed complete upon full payment of the amount due.

The Acceptance Payment Form, and the General Tax Amnesty Return shall be submitted to the Revenue
District Office after complete payment. The completion of these requirements shall be deemed full
compliance with the provisions of this Act. A Certificate of Availment of the General Tax Amnesty shall
be issued by the Bureau of Internal Revenue within fifteen (15) calendar days from submission to the
Bureau of Internal Revenue of the Acceptance Payment Form and the General Tax Amnesty Return.
Otherwise, the duplicate copies, stamped as received, of the Acceptance Payment Form, and the
General Tax Amnesty Return shall be deemed as sufficient proof of availment.

Section 15. Immunities and Privileges. - Those who avail of the General Tax Amnesty and have fully
complied with all the conditions set forth in this Act and upon payment of the amnesty tax shall be
entitled to the following immunities and privileges:

(a) With respect to the years covered by the tax amnesty, the taxpayer shall be immune from the
payment of taxes, as well as additions thereto, and from all appurtenant civil, criminal, and
administrative cases and penalties under the National Internal Revenue Code of 1997, as amended,
arising from the failure to pay any and all internal revenue taxes for taxable year 2017 and prior
years and from such other investigations or suits insofar as they relate to the assets, liabilities,
networth, and internal revenue taxes that are subject of the tax amnesty.

(b) Any information or data contained in, derived from or provided by a taxpayer in the Tax Amnesty
Return, Statement of Total Assets or Statement of Assets, Liabilities, and Networth, as the case may
be, and appurtenant documents shall be confidential in nature and shall not be used in any
investigation or prosecution before any judicial, quasi-judicial, and administrative bodies. However,
the taxpayer may use this as a defense, whenever appropriate, in cases brought against the
taxpayer.
 (c) The books of accounts and other records of the taxpayer for the years covered by the tax
amnesty availed of shall not be examined by the Bureau of Internal Revenue: Provided, That the
Commissioner of Internal Revenue may authorize in writing the examination of the said books of
accounts and other records to verify the validity or correctness of a claim for any tax refund, tax
credit (other than refund or credit of taxes withheld on wages), tax incentives, and/or exemptions
under existing laws.

All these immunities and privileges shall not apply when the taxpayer failed to file a General Tax
Amnesty Return and a Statement of Total Assets, or Statement of Assets, Liabilities, and Networth, as
the case may be.

Upon full compliance with all the conditions set forth in this Title and payment of the corresponding
general amnesty tax, the tax amnesty granted under this Title shall become final and irrevocable.

Section 16. Exceptions. - The General Tax Amnesty under this Act shall not extend to the following:

(a) Withholding tax agents who withheld taxes but failed to remit the same to the Bureau of Internal
Revenue:

(b) Taxpayers with cases pending in appropriate courts involving:

(1) Those that fall under the jurisdiction of the Presidential Commission on Good Government;

(2) Unexplained or unlawfully acquired wealth under Republic Act No. 3019, otherwise known as
the Anti-Graft and Corrupt Practices Act, and Republic Act No. 7080 or An Act Defining and
Penalizing the Crime of Plunder;

(3) Violations of Republic Act No. 9160, otherwise known as the Anti-Money Laundering Act, as
amended;

(4) Tax evasion and other criminal offenses under Chapter II of Title X of the National Internal
Revenue Code of 1997, as amended; and

(5) Felonies of frauds, illegal exactions and transactions, and malversation of public funds and
property under Chapters III and IV of Title VTI of the Revised Penal Code;

(c) Tax cases that have become final and executory; and

(d) Delinquencies and assessments that have become final and executory.