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Tax amnesty okay seen soon

By Mario J. Mallari -
‘No vacuum,’ says Senator Miguel Zubiri. FILE PHOTO
People having problems with their tax deficiencies are likely to get the best Christmas gift this year as the Senate would likely pass the Tax Amnesty Act of 2018 before the year ends.
 
Senate Majority Floor Leader Juan Miguel Zubiri told reporters yesterday that Senate Bill 2059 or the Tax Amnesty Act of 2018 was approved on second reading.
 
On the other hand, Zubiri said the House of Representatives had just passed their version of the tax amnesty measure on the committee level.
 
“We will pass this on third reading by Monday next week. The House just approved their version at the committee level so we are ahead in the Senate,” Zubiri said.
 
“How soon the measure can be enacted into law would depend on when the House could pass their version on third reading. But I am confident this measure will pass by both House before the Christmas break,” he added.
 
The measure is aimed at enhancing revenue administration and collection and broadening the tax base by granting an amnesty on all unpaid internal revenue taxes imposed by the national government for taxable year 2017 and prior years.
 
On estate tax amnesty, qualified taxpayers can avail of the reprieve and instead pay six percent based on the decedent’s total net estate, if no estate tax return was filed or on the net undeclared estate if a return had been filed.
 
For delinquency in value-added and excise taxes, qualified corporate parties will have to pay five percent of total net worth or a minimum tax depending on their subscribed capital to avail of the amnesty.
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Tax amnesty bill bags 2nd reading House approval

[ bworldonline.com ]
 

tax collector

THE HOUSE of Representatives on Wednesday approved on second reading a proposed general tax amnesty covering liabilities until 2017, a day after the Senate did the same.

“This bill gives a chance to erring tax payers to come forward, start with a clean slate and be 100% tax compliant in the future,” House Ways and Means Committee chairperson Estrellita B. Suansing of Nueva Ecija’s second district said in her sponsorship speech.

“The last amnesty we had in this country was in 2007 under Republic Act No. 9480, when there were about 25,017 applicants, which resulted in a collection that amounted to P7.2 billion, translating to .07% of gross domestic product,” she recalled, noting that the latest proposal could bring in an additional P114.8-billion revenues.

House Bill No. 8554, the proposed Tax Amnesty Act of 2018, consists of a local estate tax amnesty, a general tax amnesty covering national levies and a separate offer for those with cases.

Under the estate tax amnesty, legal heirs may avail of a tax rate of six percent of net estate value.

The bill also provides a two percent general tax amnesty rate based on total assets as of Dec. 2017 that will cover unpaid national internal revenue taxes. The bill defines total assets as the “amount of aggregate assets whether within or without the Philippines, real or personal, tangible or intangible, or ordinary or capital.”

Amnesty will be denied if declared estate value and statement of total assets were found to be understated by at least 30%.

The bill also provides an amnesty rate of 40% of the basic tax in case delinquencies and assessments have become final and executory; 50% of the basic tax for cases subject to final and executory judgment by courts and 60% of basic tax for ongoing tax evasion cases. — Charmaine A. Tadalan
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