SENATE BILL

AUG
01
2016

SBN-920: Granting Amnesty on All Unpaid Internal Revenue Taxes

An Act Enhancing Revenue Administration And Collection By Granting An Amnesty On All Unpaid Internal Revenue Taxes Imposed By The National Government For Taxable Year 2015 And Prior Years

  • This proposed measure seeks to grant a tax amnesty program to promote and enhance revenue administration and collection. It would also encourage voluntary compliance by the taxpayers to pay the correct taxes.
  • Also, this bill seeks to broaden the tax base by requiring taxpayers to file their Statement of Assets, Liabilities and Networth (SALN). By declaring the networth, this will greatly contribute to the government’s effort to organize taxpayers’ records and information.
  • It will promote a broader tax base that will lead to collection of higher tax revenues.
  • The provision for immunity from civil, criminal and administrative penalties to be granted to erring taxpayers will encourage those operating in the underground economy to legitimize their business operations.

 

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