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Likewise, this situation would declog the dockets of the courts and dispose of pending tax cases. The tax amnesty proposal appears to go far beyond, with a consequent impact of declogging the BIR’s dockets and reducing the administrative cost of pursuing tax cases. The proposals include a 40% rate based on the basic tax assessed for delinquencies and assessments that have become final and executory, a 50% rate based on the basic tax assessed for cases that are pending in court, and a 60% rate based on the basic tax assessed for cases subject to final and executory judgement by the court. Both the Senate and the House of Representatives versions lean towards providing amnesty, even for cases that have reached the latter stage of the tax assessment process. These instances include those involving withholding taxes pending cases involving violations of the Anti-Money Laundering Law and pending criminal cases involving tax evasion, among others.Īnother interesting point is the tax delinquency amnesty of the bills. The recent versions Senate and in the House of Representatives bills enumerate seemingly similar instances wherein general amnesty will not apply. The taxpayers should be able to determine whether their exposure for noncompliance would be much better settled under the amnesty rules, or it is much beneficial if it is settled through a regular assessment by the Bureau of Internal Revenue (BIR). At this point, tax payers should be able to weigh the pros and cons of proceeding with the amnesty, considering that they should know their degree of compliance with existing tax laws. The taxes covered by the general amnesty tax are all internal revenue taxes for taxable year 2017 and prior years, which remain unpaid, with or without assessment.įor example, an individual or corporation has total assets amounting to P20 million the 2% tax amnesty would be P400,000.00.
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Congress has been going over various bills for some time now, and recent reports say that both houses aim to have the bill enacted into law before this year ends.įor general tax amnesty, the most recent development on the passage of the bill in the House of Representatives is granting 2% general tax amnesty rate based on the taxpayer’s total assets declared.
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The Senate and the House of Representatives have been fast-tracking the passage of a tax amnesty law which that includes general tax amnesty and delinquency tax amnesty. Once in a while, however, the government gives taxpayers an opportunity to settle their tax exposures and start fresh through tax amnesty laws. These situations create a tax liability exposure for taxpayers. Many taxpayers struggle to understand the intricacies of tax laws and regulations, while there are others who, without deliberate intent, find it difficult to fully comply with tax requirements. Sometimes our liabilities have become so burdensome such that, whenever an opportunity is presented to settle those liabilities, the tendency is to grab the opportunity to move forward and start anew.
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Tabula rasa is a Latin phrase popularly translated as “clean slate” or starting fresh.