As a way of cleaning its books and as an attempt to get a one time windfall, the Philippine government is implementing a Tax Amnesty measure. In the said program, the government aims to make PhP11~32 Billion. According to Businessworld : " Tax cheats could soon have a chance to redeem themselves and begin dealing with tax collectors with a clean slate as the Senate yesterday approved a bill granting a "general, one-time" tax amnesty for delinquent taxpayers who wish to settle their dues with the government. Time is running out however, for the next stage in the lawmaking process - deliberations with the House of Representatives to craft a final bill - with a senior House leader indicating the tax amnesty could still be months away. House Bill 2933, sent to the Senate in October 2006, was unanimously approved but after several amendments including increasing the tax amnesty rate to 5% from 3%. The rate will be charged on a taxpayer’s net worth as reflected in the stateme...
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