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Government revenue to increase next year due to tax amnesty, Romero says

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Government revenues are expected to increase in the first half of 2019 due to tax amnesty approved by Congress, 1-PACMAN Rep. Michael Romero said.

Romero said the “time is ripe” for a tax amnesty which will benefit millions of Filipino households.

“(This) will benefit the middle class, entrepreneurs, and the corporate sector,” he said.

The Tax Amnesty Act of 2018 covers estate tax and general tax liabilities for taxable years up to 2017.

Taxpayers can start availing of the tax amnesty before the filing season in April 2019

Romero stressed that the tax amnesty “will ease the economic impact of the elevated inflation we had this year.”

“By early next year, before the next tax filing season in April, taxpayers can start availing of the amnesty,” Romero said.

He added that the impending tax relief was also a confidence booster shot for households, small businesses, and the corporate sector because their tax burdens and some legal issues will be crossed off their lists of worries.