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Tax amnesty bill gets House nod

/ 05:57 PM November 20, 2018

The House of Representatives on Tuesday approved on final reading a bill which seeks to grant amnesty on all unpaid internal revenue taxes imposed by the national government for taxable year 2017 and prior years.

READ: House panel okays general tax amnesty bill

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Voting 213-7, the chamber gave its approval to House Bill No. 8554 or the proposed “Tax Amnesty Act of 2018” which seeks to enhance the revenue administration and collection of the government.

With the bill’s passage, the government is expected to generate an additional P114.8 billion immediate revenues, clear case backlogs in both administrative and court proceedings, and enhance revenue administration by having a wider tax base, bill sponsor and Nueva Ecija 1st District Rep. Estrellita Suansing said.

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The bill, which is package 1B of the Duterte administration’s comprehensive tax reform program, grants 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, and whether or not used in trade or business declared.

The proposed measure also changed the tax amnesty rates imposed on delinquencies to 40 percent on basic tax on delinquent taxes and assessments that are final and executory from the current 50 percent; 60 percent on pending criminal cases from the current 80 percent.

Meanwhile, the 50 percent amnesty rate levied on tax cases subject to final and executory judgment of the courts was retained.

The bill also provides that for two years, the authorized administrator or executor or, in the absence thereof, the legal heirs and recognized successors, may avail of the 6 percent estate tax amnesty on all unpaid taxes up to 2017. /ee

RELATED STORY: Tax amnesty bill gets Senate nod

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TAGS: House Bill No. 8554, House of Representatives, Philippines news, Tax Amnesty Act of 2018, tax amnesty bill
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