The Department of Finance said it issued a regulation allowing taxpayers to voluntarily settle their tax deficiencies even without an audit for the taxable year 2018.
The DOF said in a statement the implementation of the Voluntary Assessment and Payment Program under Revenue Regulation 21-2020 would run until Dec. 31, 2020.
“With the VAPP, the government hopes to increase its tax collections while providing taxpayers an easy and affordable way to settle their unpaid tax deficiencies,” the agency said.
It said the VAPP allows taxpayers to voluntarily pay their unpaid internal revenue tax liabilities—with or without an ongoing audit of or investigation into their finances—and those who do so will no longer be audited or investigated for 2018 for the tax types availed.
The program covers all internal revenue taxes due for the taxable year ending Dec. 31, 2018 and for fiscal year 2018 ending on the last day of July 2018 to June 2019.