MANILA - A bill seeking to grant amnesty to delinquent tax payers advanced in both the Senate and House of Representatives on Wednesday.
Senate Majority Floor Leader Miguel Zubiri said senators have already passed the Tax Amnesty Bill on second reading.
"I will pass this on third reading by Monday next week," Zubiri said.
The House meanwhile started plenary deliberations on its version of the Tax Amnesty Bill.
House Ways and Means Committee Chair Estrelia Suansing said House Bill 8554 gives a chance to the erring taxpayers to come forward, start with a clean slate, and be 100 percent tax compliant in the future.
Delinquent tax payers will be absolved by settling all their undeclared assets and previous unpaid taxes without fear of civil, criminal or administrative penalties, Suansing said.
The measure is projected to raise an additional P114.8 billion in revenues for the government, clear case backlogs in both administrative and court proceedings, and enhance revenue administration by having a wider tax base, Suansing said.
"Passage of the law depends on when the House will pass their version on third reading. I'm confident though that this measure will pass both houses before the Christmas break," Zubiri said.
The Tax Amnesty Bill is part of the Comprehensive Tax Reform Program of the Duterte Administration.
- Report from RG Cruz and Sherrie Ann Torres, ABS-CBN News