MANILA -- The House of Representatives' ways and means committee on Monday approved the proposed tax amnesty program in a bid to enhance revenue administration and collection.
The panel, chaired by Nueva Ecija Rep. Estrellita Suansing, approved an unnumbered substitute bill, which seeks to grant amnesty on all unpaid impositions levied by government for taxable year 2017 and prior years.
The substitute bill consolidated House Bills No. 3655, 3832, 4011, 4133, 4412 and 7105.
The tax amnesty bill is Part B of the recently-enacted Tax Reform for Acceleration and Inclusion (TRAIN) law.
It includes a general and estate tax amnesty, as well as a tax amnesty on delinquencies.
Under the bill, any person may enjoy the immunities and privileges of the general tax amnesty and pay an amnesty tax at the rate of 2 percent based on the taxpayer’s total assets as of Dec. 31, 2017 as declared in the Statement of Total Assets.
As for the estate tax amnesty, a rate of 6 percent must be paid based on the decedent’s total net estate at the time of death, provided that if an estate tax return was previously filed with the Bureau of Internal Revenue, the estate tax rate shall be based on net undeclared estate.
Meanwhile, 40 percent of the basic tax shall be imposed on delinquent taxes and assessments which have become final and executory. (PNA)
