The Senate made an announcement that it approved Senate Bill No. 2059 on November 19, 2018, which seeks to allow a one-time opportunity to settle tax obligations. This Bill grants amnesty to taxpayers who have been remiss on paying estate taxes, all national internal revenue taxes, including value-added taxes, and excise taxes collected by the Bureau of Customs. The bill was passed on third and final reading by senators.
Once the bill is enacted into law, taxpayers can avail of a reprieve from all estate taxes on covered taxable years and pay a rate of 6% based on the total net estate. The measure also aims to enhance revenue collection, minimize administrative costs in pursuing tax cases and de-clog the tax case dockets pending in various courts.
Senate Ways and Means Committee chair, Sonny Angara said those who will avail of the amnesty program will be safe from payment of all taxes and the filing of civil, criminal and administrative cases and other penalties. Also, a similar bill is undergoing deliberations in the House of Representatives.
