A bill creating a one-off tax amnesty granting immunity to delinquent taxpayers in the Philippines was approved by the House of Representatives in its second reading last week.
Contained in a third tax reform bill, Speaker Jose de Venecia Jr explained that the amnesty would form part of measures designed to widen the tax base, whilst giving tax defaulters an “attractive” opportunity to re-enter the national tax system
“The tax amnesty program will allow errant taxpayers a chance to start on a clean slate and comply with our tax laws,” stated Mr De Venecia.
Under the proposals, those coming forward to declare their taxable assets under the four-month amnesty will pay a 3% tax on the value of the individual’s net worth.
In addition, taxpayers with tax cases pending before the courts are also encouraged to file their details under the amnesty, although they will be subject to a higher tax rate of 25%, exclusive of interest and charges, and additional to the 3% basic rate.
However, should the taxpayer fully comply with the conditions of the amnesty, then they will become immune from civil, criminal or administrative penalties during the tax years under examination.
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