Law­maker pushes tax amnesty mea­sure

The Philippine Star - - METRO - – Delon Por­calla

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.

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