The House committee on ways and means has approved a bill granting tax amnesty and it is ready for plenary approval.
Rep. Dax Quirino, panel chairman, said the measure seeks to improve revenue administration and tax collection by granting an amnesty on all unpaid internal revenue taxes.
Under the proposal, a taxpayer seeking amnesty must pay a rate of 8 percent of his or her net worth covering taxable year 2017, or P10,000 to P10 million—depending on their taxpayer classification.
Deputy Speaker and Batangas Rep. Raneo Abu said the real-estate tax amnesty under the general amnesty bill “would be a big help in declogging and updating of real property records/titles.”
“This will promote the interest of heirs in developing inherited real properties. This will also boost the financial position of the local government units,” he said.
House Minority Leader and Quezon Rep. Danilo Suarez, one of the principal authors of the measure, said the government could bolster its financial position if the measure is passed.
With the tax amnesty measure, he said the government should not prioritize the passage of the Tax Reform for Attracting Better and High-Quality Opportunities amid public backlash, the modified name of the controversial Tax Reform for Acceleration and Inclusion 2.
He said lawmakers must look for ways to stop corruption at the Bureau of Internal Revenue.