Senators okay bicam report on tax amnestyhome/News/Top Stories/Senators okay bicam report on tax amnestyTHE tax amnesty bill is now only one step away from becoming a law after the Senate ratified on Thursday a bicameral report on the measure generally viewed as a “win-win” deal for both taxpayers and the government. The tax amnesty bill grants those who have failed to pay for taxable year 2017 and prior years a one-time opportunity to settle tax obligations, including estate taxes, general taxes and delinquent accounts. For general tax amnesty, the panel agreed that taxpayers would be given the option to choose the rate between 2 percent of total assets or 5 percent of net worth or a minimum tax. Taxpayers will be given a year from the issuance of implementing rules and regulations to avail of the amnesty, except for estate tax amnesty where taxpayers will be given two years to avail of. Also, the books of accounts and other records of the taxpayer for the years covered by the tax amnesty availed of shall not be examined by the Bureau of Internal Revenue.

Source: Manila Times December 13, 2018 18:00 UTC