March 10, 2020 | 9:43 pm [ bworldonline.com ]
THE House committee on ways and means said Tuesday it approved an amnesty measure for taxpayers owing back taxes to the government if they pay the equivalent of 3% of their net worth.
“(Committee on ways and means) approves Tax Amnesty — 3% of SALN equity subject to 1. (one year) waiver of bank secrecy 2. AEOI (automatic exchange of information) 3. FATCA (foreign account tax compliance act),” Representative Jose Maria Clemente S. Salceda of Albay, who chairs the committee, told reporters via Viber Tuesday.
The panel consolidated House Bill 191 by Estrellita B. Suansing and Horacio P. Suansing Jr., and House Bill 3671 by Sharon S. Garin.
“House Bill numbers 191 and 3671, provide that all unpaid national internal revenue taxes such as but not limited to, income tax, withholding tax, capital gains tax, donor’s tax, Value-added tax, percentage tax, excise tax and documentary stamp tax collected by the Bureau of Internal Revenue and Bureau of Customs within the stated period shall be relieved from payment of penalties and surcharges,” Mr. Salceda said in a fact sheet sent to reporters Tuesday.
Under the unnumbered consolidated bill, a taxpayer availing of the amnesty will be granted “certain immunities and privileges” from civil, administrative and criminal penalties, Mr. Salceda said.
Amnesty candidates must pay 3% of their net worth as reflected in their Statement of Assets, Liabilities, and Net Worth (SALN) as of Dec., 31, 2018. The measure also reduces the total tax due if the taxpayer settles the tax liability earlier. It allots the collections to be spent on a BIR database, the government’s social safety net measures, and the Build, Build, Build program, among others. — Genshen L. Espedido
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