Friday, December 21, 2018
Lawmakers in the Philippines have endorsed plans for a tax amnesty scheme that will cover estate taxes, general taxes, and delinquent accounts, covering liabilities up to December 31, 2017.
The Senate on December 13, 2018, ratified the bicameral conference committee report on the bill. It now requires signature from President Rodrigo Duterte to become law.
Taxpayers will be allowed one year to regularize their general tax affairs, and two years to settle estate taxes. Taxpayers can opt to either pay two percent of total assets or five percent of net worth, the Government said.
It said: "The bill also covers an amnesty on delinquencies. Taxpayers can avail of 40 percent of the basic tax for delinquencies and assessments which have become final and executory, 50 percent for cases subject of final and executory judgment by the courts, and 60 percent for those subject of pending criminal cases."
Disclosures will be treated confidentially and those making disclosures will be immune from prosecution and penalties, it added.