February 18, 2018, 6:00 am
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Tax amnesty pushed

The planned tax amnesty, which will  rake in P26 billion in revenues, is hoped to be the last at least for the next few decades.

“We hope this amnesty is the last—at least for the next few decades. If we keep granting amnesties every few years, it’s a sign that our tax system is not working,” said Sen. Sonny Angara, chairman of the ways and means committee, who presided the hearing on amnesty bills yesterday.

Thus this could be the last chance of tax delinquents to settle all unpaid national internal revenues taxes including value-added tax and excise taxes.

Taxpayers who wish to avail of the benefits of tax amnesty will only be required to pay 5 percent  of his or her total net worth instead of the total tax deficiency.

Moreover, the tax amnesty aims to clear up cases in all tax dockets in the Bureau of Internal Revenue, the Bureau of Customs  as well as in the courts.

The bill, however, excludes those with pending cases involving unexplained or unlawfully acquired wealth, violation of the Anti-Money Laundering Act, pending cases for tax evasion and other criminal offenses, and tax cases subject of final and executory judgement by the courts.

Angara said the planned massive tax amnesty would encourage taxpayers to properly declare their assets and settle their taxes, which will lead to a boost in government revenues to fund its programs and services.

“This measure will encourage those in the formal and informal sectors to legitimize and settle their unpaid taxes without fear of civil, criminal or administrative penalties. This, I believe, is a win-win scenario for the government and for the taxpayers to have a clean slate,” Angara said.

The P26 billion to be generated revenue will augment the funding for the “Build, Build, Build” program.

“The additional collection from tax amnesty will lead to higher internal revenue allotment for our local government units without having to raise taxes,” Angara noted.
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