(Eagle News) — The Senate on Thursday, Dec. 13, ratified the bicameral conference committee report that gives those who have tax obligations for taxable year 2017 and prior years the opportunity to settle them.
“This is but another step in the long quest toward an efficient and equitable tax system,” Senator Sonny Angara, chairman of the Senate ways and means committee, said.
Under the measure, if passed into law, taxpayers will be given the option to choose the rate between 2% of total assets or 5% of net worth or a minimum tax to avail of general amnesty.
Taxpayers can also avail of a reprieve from all estate taxes, and instead pay 6% based on the decedent’s total net estate.
They can also avail of 40% of the basic tax for delinquencies and assessments which have become final and executory, 50% for cases subject of final and executory judgment by the courts, and 60% for those subject of pending criminal cases, under the measure.
“Malaking tulong ito sa mga pamilya na may ari-arian na ilang taon o dekada nang nakatengga dahil hindi pa bayad ang estate tax-resulting in huge penalties and surcharges while use of assets are not maximized. With the amnesty, heirs can now enjoy the assets that will be freed for development,” Angara said.
