Finance Secretary Carlos Dominguez III has lauded the passing of the Tax Amnesty Act of 2019, saying the measure encourages the more delinquent taxpayers to pay more dutifully in the future.
President Duterte put his foot down on the provision for a general tax amnesty because the law, as crafted, lacked a mechanism that would “break the walls of bank secrecy.
“We hope that in availing of this amnesty, a very, very generous reprieve from the State, taxpayers would feel more encouraged to pay the right tax and be more empowered to be good taxpayers in the future,” Dominguez said.
He likewise cited the benefits of the Tax Amnesty Act of 2019 seen generating more or less P41 billion.
“With this landmark legislation, availers may now free up property that have long been estate-locked and allow heirs to make good economic use of the properties they have inherited,” Dominguez said.
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“This also allows those that have long-due liabilities and pending criminal cases to start anew,” he added.
According to him, the Department of Finance (DoF) supports a general tax amnesty for everyone with pending tax cases and that the President himself believes the legislation will strengthen the enforcement against tax evasion.
The Finance chief highlighted other provisions vetoed by the President such as the one-time estate settlement for properties under multiple unsettled estates.
Quoting President Duterte, he explained that the six percent estate tax on property values at the time of death is more than a fair imposition already, Dominguez said.
“(Duterte) also vetoed the provision on the presumption of correctness of estate tax amnesty returns. The President has always had a strong stance against wrongdoers — thus, accountability is very important in this grant. When one avails of the amnesty, the government should be able to verify his declarations,” he said.
According to Dominguez, President Duterte put his foot down on the provision for a general tax amnesty because the law, as crafted, lacked a mechanism that would “break the walls of bank secrecy.”
