“These schemes are cleverly used by syndicates and bogus businesses. They may not be covered by the definition of tax evasion, which the tax law penalizes. The bill proposes that tax racketeers suffer an imprisonment period of 17 to 20 years if convicted. Should the perpetrator be a company or organization, then the penalty will be imposed on ont those whose participation allowed the tax racketeering. “Persons who, having knowledge of tax racketeering, take part subsequent to its commission, including profiting from it, shall suffer imprisonment of six years to 10 years,” Romualdez said.

Source: Philippine Daily Inquirer May 30, 2023 09:03 UTC