MANILA, Philippines — Malacañang is optimistic that lawmakers will heed President Duterte’s call for them to pass a tax amnesty measure that will lift bank secrecy for fraud. “With these provisions, the general tax amnesty will meet both its tax administration and revenue purposes,” he added. Duterte said there is a need to apply the estate tax amnesty at every stage of the transfer of property. “To implement the one-time settlement across multiple estates would erode the expected revenue of the government from the estate tax amnesty,” he said. Duterte also vetoed the provision presuming the correctness of the estate tax amnesty returns.

Source: Philippine Star February 18, 2019 16:01 UTC