Tax Amnesty Bill Now Waiting For President’s Approval

Tax Amnesty Bill Now Waiting For President’s Approval

Both chambers of Congress has ratified the Tax Amnesty Bill, which will grant those who have failed to pay for the taxable year 2017 and prior years a one-time opportunity to settle tax obligations, including estate taxes, general taxes, and delinquent accounts. It is now waiting for President Rodrigo Duterte’s approval, as Congress already ratified the bicameral report on the measure

This bill if passed will allow those who avail of the amnesty program to be given a chance at a clean slate, as they will be immune from payment of all taxes and the filing of civil, criminal, and administrative cases and penalties.

According to Senator Sonny Angara, the government is expected to raise up to PHP41 billion through the measure. The proceeds can then be used to fund the administration’s massive infrastructure plan and augment appropriations needed for the social mitigating measures under the Tax Reform for Acceleration and Inclusion Act, or TRAIN law.  

On the other hand, PHP500 million of the generated revenues will be used exclusively for establishing a tax database, said Senator Angara.

[Source]

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