Thursday 19 July
Powered by Ajaxy
Nov 29, 2017 @ 11:38

Duterte’s tax amnesty program to start next year


The Duterte government is planning to kick off tax amnesty program next year

Department of Finance (DOF) Secretary Carlos Dominguez III said: “Dominguez said they have calculated how much would be gained from the tax amnesty program but noted that it will be done in tranches.”

“We haven’t really determined yet but certainly, I think, we will start with the estate taxes,” he added.

The proposed tax amnesty program, eyed to bring in additional revenues for the government, is part of the proposed tax reform program, the first package of which has been approved by the House of Representatives and is still being deliberated by the Senate.

Economic managers are confident that the proposed tax reform program will be passed before the end of the year for the tax amnesty measure, among others, to be put in place.

Finance Undersecretary Antonette Tionko said the proposed estate tax amnesty program needs Congress’ approval even though the Bureau of Internal Revenue (BIR) has some power to give amnesty.

“The BIR is certain that they may need surcharge… Generally, amnesty needs legislation but there are ways to do it administratively,” she said.

Tionko added that the proposed amnesty measure gives taxpayers who have pending cases a chance to avail of the program.

“There are a lot of taxpayers who can’t pay because the interest is 20 percent per annum… You have to put it in the law that they can avail (of the tax amnesty),” she added. (PNA)

Tags: , , , , , ,

Related Stories
Justice Secretary Vitaliano Aguirre II has ordered the National Bureau of Investigation (NBI) to investigate
Senator Koko Pimentel on Monday denied reports that he and the Senate have partnered with
Is this the hefty cost that comes with accepting bribes and tagging a presidential son
The newly-signed tax reform package will raise new revenues despite lower tax rates for income


Trending News

Recommended on sister sites

Copyright © 2018 Bilyonaryo - Latest news on the richest Filipinos and Family Business.