Finance Secretary Carlos Dominguez said that the current administration is seeking to implement a tax amnesty program for individual and corporate estate taxes in 2018. This is in line with a statement from Budget Secretary Benjamin Diokno that the government has shown its seriousness in going after tax evaders in its first two years, so now the government is considering a general tax amnesty in 2018.
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Dominguez said that they agreed with Diokno’s statement and timeline – even though they have yet to discuss and iron out the details. They expect the Department of Finance to work out the details early in 2018. The Tax Amnesty is seen to be legislated under the government’s Tax Reform for Acceleration and Inclusion Act or TRAIN – which they expect to be approved by Congress before the end of 2017.
Dominguez said that the Department of Finance hopes to see measure that eliminate current penalties and interest rates that could go as high as 20% since most tax-payers have difficulty paying for these. The Department of Finance also hopes that the additional funds raised from the amnesty program will help the government with the rebuilding of Marawi City.
