DoF expecting to file tax amnesty bill this year

FINANCE Secretary Ralph G. Recto said the government is studying a new general tax amnesty (GTA) measure, with the possibility of an estate-tax extension.

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“We are also studying the possibility of enacting a General Tax Amnesty and online gambling tax laws,” Mr. Recto said in his speech at the Economic Journalists Association of the Philippines Economic Forum on Monday.

The proposed tax amnesty will involve an amnesty charge set at a yet-to-be-determined percentage of the outstanding unpaid tax, in exchange for immunity from civil, criminal, and administrative penalties.

Mr. Recto said the GTA will be submitted to Congress this year, subject to the approval of President Ferdinand R. Marcos, Jr. and the cabinet.

“There’s acall to extend the Estate Taxam-nesty. We'll include it here,” Mr. Recto said.