The tax amnesty bill and amendments to the Central Bank Act that were ratified by the Senate last December have already been transmitted to the office of President Rodrigo Duterte for his signature.
Enrolled copies of the two bills, one providing reprieve to taxpayers who have outstanding tax obligations in estate and general taxes for taxable year 2017 and prior years was sent to Malacañang last Jan. 17, while the other, the New Central Bank Act which will strengthen the regulatory powers and increase the capitalization of the Bangko Sentral ng Pilipinas from P50 billion to P200 billion, was transmitted last Jan. 15.
Under the Tax Amnesty Act of 2018, taxpayers can avail of a reprieve from all estate taxes on covered taxable years and pay a rate of 6 percent based on the total net estate.
Those who will avail of the amnesty program will be immune from payment of all taxes and the filing of civil, criminal and administrative cases and other penalties.
The measure is seen to encourage those in the formal and non-formal sector to legitimize, properly declare and pay the correct taxes without fear of civil, criminal or administrative penalties, the senator said.