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Gov't sees P9.4-B revenues from proposed tax amnesty scheme |
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By Fil C. Sionil
(December 15, 2003 - Monday, Manila Bulletin) The national government is expected to collect some P9.40 billion in incremental revenues arising from its proposed tax amnesty both to individual taxfilers and corporations. |
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Official documents showed authorities have estimated a P2.14 billion in incremental potential revenues from individual taxfilers from the tax amnesty program, which Malacañang has already endorsed as priority measure to Congress.
But the bigger incremental potential revenues will come from corporations, at P7.26 billion. The tax amnesty program if enacted into law will only cover the statement of assets and liabilities as well as total networth of the filer as of December 2001. It was proposed as another onetime revenues generating measure to "address the urgent need to contain the public deficit as well as enhance transparency and provide baseline date in aid of lifestyle check by enabling taxpayers to broaden their income reporting . . . (including raising) additional revenues to the government coffers." The P2.14 billion potential revenues from the tax proposed amnesty was calculated by the department of finance on assumption that only taxfilers with income class falling under P3 million and above will avail of the tax amnesty. The DoF also assumed that 40 percent of the total assets of these households is underdeclared. On the other hand, the DoF estimated the potential revenues from corporations availing of the proposed tax amnesty used the its 2000 database on corporate taxfilers with an estimated total assets of P11.8 trillion and total networth of P4.4 trillion. Based on these two crucial figures, the DoF assumed that 90 percent or about P3.96 trillion are assets of large corporations while 10 percent or about P440 billion are assets of medium and small corporations. Using a conservative assumption that five percent of the large corporations and 10 percent of the medium and small corporations avail of the tax amnesty, the DoF reached potential revenues to hit some P7.26 billion. These incremental revenues will accrue the national coffers should Congress approves a proposed tax amnesty on both individuals and corporate taxfilers. In its position paper, the DoF believed that the tax amnesty program will not only achieve the objective of the Bureau of Internal Revenue (BIR) to widen the tax base but will also give opportunity for the government to earn incremental money. "The revenues that may be generated from the tax amnesty program would be a natural consequence of errant taxpayers finally complying with their tax obligations," the DoF position said. home | latest news |
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