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House panel okays general tax amnesty bill

/ 12:42 PM November 13, 2018

The House ways and means committee has approved a still unnumbered bill seeking to grant tax amnesty to all unpaid impositions levied by the government through the years up to 2017.

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This is part of the package 1B of the Duterte administration’s comprehensive tax reform program. The bill seeks to enhance the government’s revenue administration and collection and simplify tax payment processes to encourage taxpayers to pay their taxes.

The committee approved the granting of a 2 percent general tax amnesty rate based on total assets or the aggregate assets within and outside of the Philippines, whether real or personal, tangible or intangible, whether or not used in trade or business declared.

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The panel also amended the tax amnesty rates imposed on delinquencies to 40 percent on basic tax on delinquent taxes and assessments that are final and executory.

1-PACMAN Rep. Michael Romero principally-authored the bill.

Present during Monday’s panel meeting were Speaker Gloria Macapagal-Arroyo, panel chair and Nueva Ecija 1st District Rep. Estrellita Suansing, Deputy Speaker Rose Marie “Baby” Arenas, Reps. Lianda Bolilia, Horacio Suansing, Gwen Garcia, Orestes Salon, Ann Hofer, and Milagros Aquino-Magsaysay and officials of the Department of Finance. /cbb

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TAGS: 1Pacman, comprehensive tax reform program, House of Representatives, Michael Romero, news, Package 1B, tax amnesty, Taxes
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