Philippines To Offer Tax Amnesty After Bank Secrecy Changes

by Mary Swire, Tax-News.com, Hong Kong

01 May 2017

Filipino Finance Secretary Carlos G Dominguez III has said the country's restrictive banking secrecy laws must be lifted before a new tax amnesty is offered.

Dominguez explained that delinquent taxpayers must know that the tax authorities have the power to uncover and collect unpaid taxes and illegal profits, and that it was for that reason that House Bill No. 4474 has, among other measures, been proposed to relax the restrictive rules surrounding bank secrecy in cases of fraud.

Explaining that an amnesty has the broad support of the authorities, but the proper framework must first be in place, Dominguez told reporters that: "Number one: they must realize that the government can actually collect the tax; and two: that other measures such as the lifting of the bank secrecy law are in place so that it is really serious."

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