MANILA, Philippines — The Senate has ratified the bicameral conference committee report on a bill, granting amnesty to individuals who were unable to pay tax obligations including estate taxes, general taxes, and delinquent accounts due for taxable year 2017 and prior years. There was no objection when Senator Sonny Angara, sponsor of the Tax Amnesty bill, moved to adopt on the floor on Thursday the bicam report. ADVERTISEMENTOnce ratified by the Senate and the House of Representatives, the bill will then be transmitted to President Rodrigo Duterte for his signature. Taxpayers can also avail of a reprieve from all estate taxes, and instead pay 6 percent based on the decedent’s total net estate. ADVERTISEMENTThey will be given a year to avail of the amnesty once the implementing rules and regulations is issued, except for estate tax amnesty where taxpayers will be given two years to avail.

Source: Philippine Daily Inquirer December 13, 2018 06:33 UTC