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House committee approves substitute bill on tax amnesty

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taxpayers

THE HOUSE ways and means committee on Tuesday, Sept. 4, approved the substitute bill granting an amnesty on estate taxes, general unpaid taxes, and an amnesty on delinquencies, but is subject to further amendments.

The committee removed the amnesty on customs duties and local business taxes, despite being included in the previous hearing, as it did not find enough justification due to the lack of required data.

It also included a provision allowing local governments to conduct its own one-time amnesty program on unpaid local property taxes without the prerequisite of being in a state of calamity.

The committee adopted the use of incremental assets as a basis for the computation of the payment of the amnesty.

“We approved today the amnesty package, which affords our taxpayers an amnesty for their estate tax, ibig sabihin yung mga ari-arian natin na hindi natin na-dispose dahil napakataas ng buwis nung nakaraang estate tax, pwede na nating i-avail nang amnesty tax. We also have together with package a general amnesty tax (sic), yung mga taong may mga assets na nais nilang i-pump bank into the economy at i-reinvest into our economy ay puwede nang gawin sa pamamagitan ng general tax amnesty.”

(We approved today the amnesty package, which affords our taxpayers an amnesty for their estate tax. This means property owners who weren’t able to dispose of their properties because of steep estate tax can avail of the amnesty tax. People seeking to invest their assets into the economy or re-invest into our economy may also do so via general tax amnesty.) — Elijah Joseph C. Tubayan

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