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Monday, March 24, 2008
Arroyo favors tax amnesty extension
MANILA -- President Gloria Macapagal-Arroyo is in favor of a proposed extension of tax amnesty up to May 7, but stressed that as long as "it is within the bounds of law", said Quezon Representative Danilo Suarez.
Suarez, an ally of the President, said the proposal by the business community is now "being studied."
Arroyo Watch: Sun.Star blog on President Arroyo
"I received in writing several position letters regarding the effectivity of the law. They said the reckoning day of the effectivity of the law must be the day the Bureau of Internal Revenue (BIR) registered with the UP (University of the Philippines) Law Center the Implementing Rules and Regulations (IRRs) of the tax amnesty law," he said.
With the possible extension, Suarez said an additional P1 billion in revenue could be expected.
He said while some quarters claimed the law should have expired last March 7, "there is room for extension" as questions have been raised as to the date of the actual effectivity of the law or Republic Act (RA) 9480.
The BIR registered with the UP Law Center the IRR of RA 9480 on November 7, 2007, thus must expire by May 7, 2008 as the law has a six-month life.
Suarez said Finance Secretary Margarito Teves is still waiting for the recommendation of BIR Commissioner Lilian Hefte on the matter.
He said the implementation of the law has raised P4.7 billion, or P1.7 billion over the P3-billion target.
The lawmaker also said it has increased the tax base with about 16,000 new taxpayers who availed of the amnesty.
The tax amnesty law was part of the reform agenda pushed by the Arroyo government to put its fiscal house in order.
It gives qualified taxpayers immunity from suit involving tax deficiencies up to 2005 upon payment of the tax amnesty fee.
The amnesty applicant should submit a statement of assets, liabilities and net worth as of December 31, 2005, which will be the basis of the computation of the amnesty fee. (JMR/Sunnex)For more Philippine news, visit Sun.Star Zamboanga. (March 24, 2008 issue)
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