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Malacañang, FCCI want tax amnesty bill sped up |
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by Arnold S. Tenorio, Senior Reporter
(December 03, 2003 - Wednesday, The Manila Times, Business Times Section, page b1 continue to b6) MALACAñANG wants Congress to expedite the passage of a bill granting a tax amnesty to businessmen and companies that failed to declare their actual assets. |
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The bill, which would also require anyone having assets worth at least P100,000 to file a statement of assets, liabilities and net worth (SALN), is being pushed by the Federation of Filipino-Chinese Chambers of Commerce.
Finance Undersecretary Grace Pulido-Tan on Tuesday told reporters that Malacañang wants to certify as urgent House Bill 5718 entitled “An Act to Maximize the Collection of Revenues by Requiring the Filing of Statement of Assets, Liabilities and Net Worth as of December 31, 2001, and by Granting Tax Amnesty on All Unpaid Internal Revenue Taxes Imposed by the National Government for Taxable Year 2001 and Prior Years.” Although supportive of Malacañang’s proposal, the Department of Finance however wants to insert safeguards into the bill so those taxpayers with pending cases involving ill-gotten wealth cannot enjoy the tax-amnesty program, according to Tan. “We would support certifying it as urgent but subject to the inclusion of safety nets which would promote the intention of the bill,” she said. Among those the DOF wants excluded from the tax amnesty program are taxpayers with pending cases before the Presidential Commission on Good Government of the Sandiganbayan; those accused of violating the Anti-Money Laundering Act; those accused of fraud, illegal extractions and malversation of public funds under the Revised Penal Code; and, those tax cases covered by final and executory judgment by the courts. Under HB 5718, a tax amnesty would be granted businessmen and companies and would cover all unpaid taxes imposed by government prior to fiscal year 2002. The tax amnesty would be based on the net worth of assets as of December 31, 2001 as declared by the tax filer in his SALN. Non-residents who qualify for the tax amnesty would only have to pay 2 percent of their net worth, or P15,000 whichever is higher, while resident citizens should shell out 3 percent of their net worth, or P20,000 whichever is higher. A company with a subscribed capital of at least P50 million can pay either 3 percent of their net worth of P500,000 whichever is higher. A business enterprise with a subscribed capital of between P20 million and P50 million should pay either 3 percent of its net worth or P250,000 whichever is higher, while a firm with a subscribed capital of P20 million and below is levied 3 percent of his net worth of P100,000 whichever is higher. After complying with the tax amnesty program, a tax filer would be immune from the civil, criminal or administrative penalties that otherwise should have been imposed by government under the National Internal Revenue Code, the Revised Penal Code, the Anti-Graft and Corrupt Practices Act, or any other applicable law. Furthermore, the tax filer’s amnesty declaration and SALN cannot be used against him as evidence in any tax proceeding involving claims due government before 2002. Similarly, the tax filer’s book of accounts and other tax records for the period during which he enjoys the tax amnesty would not be subject to examination. The proposed measure also requires tax filers to include in the SALN all assets within or outside the Philippines, “whether real or personal, tangible or intangible, and whether or not incurred in trade or business.” home | latest news |
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