Lawmaker pushes tax amnesty measure
Corporate and individual taxpayers who will avail of tax amnesty under House Bill 8554 will also be free of any tax suit by the Bureau of International Revenue, a lawmaker said Friday.
HB 8554 is currently undergoing deliberation by the bicameral conference committee.
The taxpayers, once they submit a “voluntary tax amnesty plan” will gain “immunity from any suit,” said 1Pacman party-list Rep. Mikee Romero.
“Amnesty will likewise cover all estate taxes which now shall be at six percent of assessed value. Plus, the early bird payees can avail of an additional 20 percent discount. It would cover unpaid taxes until Dec. 31, 2017,” he said.
Senators and members of the House of Representatives are now in the process of reconciling their different versions of the tax amnesty bill at the bicameral conference committee level.
Romero, who is pushing for its early ratification, said this will be an early Christmas gift for Filipino taxpayers.
“All corporations and individuals can avail of the general tax amnesty which will be either five percent of your net worth or two percent of your total assets,” he said.
The proposed Tax Amnesty Act of 2018 aims to provide a one-time amnesty for liabilities in estate taxes, national internal revenue taxes and tax delinquencies.
It also seeks to generate additional revenues for the government.
Romero said the proposed measure would forgive and clean with finality all tax liabilities of individuals and corporations, including real estate, capital gains, value added tax, excise tax and all national taxes.