Philippines Senate Considers Bill to Establish One-Time Amnesty Regime Through Tax Year 2024

The Philippine Senate Nov. 11 accepted for consideration Bill No. 1484, to establish a one-time tax amnesty regime for tax years through 2024. The bill includes measures to: 1) allow taxpayers the option to pay an amnesty tax of 2 percent of total declared assets held as of Dec. 31, 2024, or at different rates based on the type of tax and taxpayer classification; 2) provide instructions on filing for tax amnesty and making payments; and 3) specify the required items for taxpayers to report in their statements of assets, liabilities, and net worth. The law would enter into force ...