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PHILIPPINES: Six-month Amnesty Marks New Front in Government’s War on Tax Evasion

Companies, local residents and Philippines-based foreigners are all being urged to take advantage of the government’s forthcoming tax amnesty. The amnesty will cover all undeclared taxable revenue up until the end of December 2015.

An individual or company coming clean about undeclared income over the six month course of the amnesty will be automatically exempt from any formal penalty. They will also only be obliged to pay a reduced tax of 5% (or a flat fee – whichever is higher) on any such earnings. While the flat fee is fixed at US$1,033 for individuals, companies will have to pay between US$517-10,339, depending on their level of subscribed capital.

 

Corporations – Subscribed CapitalMinimum Payment Required
Below P5 million (< US$103,392)5% or P25,000 (US$517)
P5 million- P19.9 million (US$103,392 - US$413,567)5% or P100,000 (US$2067)
P20 million- P49.9 million (US$413,567 - US$1.03 million)5% or P250,000 (US$5169)
P50 million and above (≧US$1.03 million)5% or P500,000 (US$10,339)

 

Any individual or company that is the subject of investigation or is involved in on-going litigation related to tax evasion, corruption or money laundering will not be eligible for the amnesty. Overall, the amnesty is seen as the latest weapon in the government’s recently-declared war on tax evasion.

For more details, see PHILIPPINES: On-site Audits Resume as War on Tax Evaders Takes Centre-stage.

Content provided by Picture: HKTDC Research
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