Sunday, October 22, 2017

One time big time: Recto files tax amnesty bill

Sep 20, 2016 @ 15:32

Senate Minority Leader Ralph Recto has filed a bill seeking a general tax amnesty that would let taxpayers come up with a clean slate.

Recto’s Senate Bill No. 920 allows people to surface and put their tax papers in order “without fear of prosecution.”

His bill particularly targets small businessmen and self-employed professionals.

“These law-abiding citizens would have stepped forward a long time ago if not for complexity of the current tax system,” he said.

He also said the bill seeks to allay fears of potential taxpayers they may be hit with penalties if they volunteer to settle past dues.

The bill provides a tax amnesty for all national internal revenue taxes for the taxable year 2015 and prior years, “with or without tax assessments.”

Excluded are those with cases involving “unexplained or unlawfully acquired wealth,” or under the Anti-Graft and Corrupt Practices Act, and those charged with money laundering.

Excluded as well are those with pending criminal cases for tax evasion and other criminal offenses.

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