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Tax Amnesty Insights for Students

The document discusses the Philippines proposed General Tax Amnesty program. It states that to take advantage of the amnesty, taxpayers must disclose their total assets or net worth as of December 31, 2017 by filing tax returns accompanied by notarized statements of assets. In exchange, taxpayers' tax liabilities for 2017 and prior years will be covered by the amnesty program, allowing them to choose a tax rate of either 2% of total assets or 5% of net worth. The amnesty program aims to get taxpayers to admit all assets and liabilities as of December 31, 2017 to address tax evasion.

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Glenn Galvez
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2 views1 page

Tax Amnesty Insights for Students

The document discusses the Philippines proposed General Tax Amnesty program. It states that to take advantage of the amnesty, taxpayers must disclose their total assets or net worth as of December 31, 2017 by filing tax returns accompanied by notarized statements of assets. In exchange, taxpayers' tax liabilities for 2017 and prior years will be covered by the amnesty program, allowing them to choose a tax rate of either 2% of total assets or 5% of net worth. The amnesty program aims to get taxpayers to admit all assets and liabilities as of December 31, 2017 to address tax evasion.

Uploaded by

Glenn Galvez
Copyright
© All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOC, PDF, TXT or read online on Scribd

Senior High School Department

The proposed General Tax Amnesty, which is now awaiting the signature of the
President, is no exception to this general rule. Under the proposed General Tax
Amnesty, taxpayers who want to avail of the privileges of the amnesty must truthfully
divulge very important information: their true total assets or true net worth. The General
Tax Amnesty Return that a taxpayer must file with the Bureau of Internal Revenue
should be accompanied by a notarized Statement of Total Assets (STA) or notarized
Statements of Assets, Liabilities, and Net Worth (SALN) as of Dec. 31, 2017.

In exchange for disclosing their true total assets or net worth, taxpayers will be allowed
to avail of the general tax amnesty program that shall cover their taxes, subject to
some exceptions, for taxable year 2017 and prior years. The General Tax Amnesty will
give taxpayers the option to choose a rate between 2% of their total assets or 5% of
their net worth.

The Bill defines total assets as the amount of the aggregate assets, whether within or
outside the Philippines, real or personal, tangible or intangible, ordinary or capital; net
worth, on the other hand, is the difference between the taxpayer’s total assets and total
liabilities. The taxpayer availing of the amnesty must admit all assets they have and all
liabilities they owe as of Dec. 31, 2017 in the STA or SALN.

As for my understanding as a student I’am actually in favor regarding on the


general tax payment new regulations, because we will be informed who would be
commiting tax evasion and corrupting the people’s money while us suffering from doing
our obligation as a taxpayer.

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