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PHILIPPINES: One-Off Personal and Corporate Tax Amnesty Set for Roll-Out

Tax-defaulting individuals and businesses are set to be offered an one-off amnesty at the end of the year, allowing them to settle any outstanding deficits from 2017 (or from any year prior) at a reduced rate. As part of the deal, participants in the programme will be obliged to come clean with regard to any previously undeclared assets and then pay any due tax at an amnesty-only rate of 5% of the total net worth of such assets or, in the case of a company, pay a fixed amount in proportion to the total subscribed capital of the business. In the case of estate taxes, these will be payable at a rate equivalent to 6% of the net value of the estate.

Content provided by Picture: HKTDC Research
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