The tax amnesty bill would provide for a one-time opportunity to settle tax obligations, including estate taxes, general taxes and delinquent accounts, for those who failed to pay these for the year 2017 and earlier. Those who avail themselves of the amnesty program would be immune from the payment of all taxes and the filing of civil, criminal and administrative cases and penalties. The bill provides for a general tax amnesty where taxpayers could choose to pay at a rate of 2 percent of total assets or 5 percent of net worth or a minimum tax. This would encourage taxpayers to avail themselves of the amnesty program. The unlawful divulgence of the tax amnesty return and supporting documents would merit a P150,000 fine and a maximum jail term of 10 years for those from the private sector.

Source: Philippine Daily Inquirer December 13, 2018 21:11 UTC