For the current administration, it is crystal clear which among its objectives are on urgent execution. The most talked-about and definitely getting the media’s attention, locally and internationally is the war on drugs. Today, we have a president who definitely does what he says, despises double-talk and hypocrisy. This is evident in what he promised before he was elected as president of the Philippines and what is currently happening as a result of getting the mandate from the people. Truly, a strong wind blows in our political landscape for the next 6 years of this administration. This wind, will hit not only the illegal drugs scene, it is sure to reach and blow away the covers of tax evaders/offenders hiding in houses made of straw and sticks.
It has been in the news that there are plans of legislating a tax amnesty program for delinquent taxpayers. Tax amnesty, will allow tax offenders to reconcile with the government by paying an amount much lower than what is actually demandable, which when paid will clear all assessments from the BIR, Bureau of Customs and of the courts as well, excluding liabilities which are part of criminal cases. What separates this tax amnesty program from the previous ones is that it has been said that when this legislation passes as law, the next tax amnesty program will only be planned and legislated 25 years after this. This would mean two things for tax offenders, to surrender and pay the compromise now to get a fresh start, or wait another 25 years or so while under the risk of being exposed to the open and quite possibly be persecuted with the full might of the law.
Let EmelinoTMaestro help you! ETM can help you prepare for the upcoming tax amnesty program and to maximize the potential of your company when it comes to filing returns and saving taxes. Visit ETM Events to view the latest events and learning opportunities – all tax-related topics specially when it comes to dealing with the government.