People having problems with their tax deficiencies are likely to get the best Christmas gift this year as the Senate would likely pass the Tax Amnesty Act of 2018 before the year ends.
Senate Majority Floor Leader Juan Miguel Zubiri told reporters yesterday that Senate Bill 2059 or the Tax Amnesty Act of 2018 was approved on second reading.
On the other hand, Zubiri said the House of Representatives had just passed their version of the tax amnesty measure on the committee level.
“We will pass this on third reading by Monday next week. The House just approved their version at the committee level so we are ahead in the Senate,” Zubiri said.
“How soon the measure can be enacted into law would depend on when the House could pass their version on third reading. But I am confident this measure will pass by both House before the Christmas break,” he added.
The measure is aimed at enhancing revenue administration and collection and broadening the tax base by granting an amnesty on all unpaid internal revenue taxes imposed by the national government for taxable year 2017 and prior years.
On estate tax amnesty, qualified taxpayers can avail of the reprieve and instead pay six percent based on the decedent’s total net estate, if no estate tax return was filed or on the net undeclared estate if a return had been filed.
For delinquency in value-added and excise taxes, qualified corporate parties will have to pay five percent of total net worth or a minimum tax depending on their subscribed capital to avail of the amnesty.