Finance Minister Ralph G. Recto said the government is looking at a new general tax amnesty (GTA) measure and has the potential to expand real estate taxes.
“We also looked at the possibility of developing general tax amnesty and online gambling tax laws,” Recto said in a speech at the Philippines Economic and Economic Forum on Monday.
The proposed tax amnesty will involve a percentage of outstanding taxes that have not been determined in exchange for immunity to civil, criminal and administrative penalties.
Mr Recto said the GTA will be submitted to Congress this year, but was approved by Ferdinand R. Marcos (Jr.) and the cabinet.
“There is a call for an expansion of the estate tax amnesty. We will include it here,” Mr Recto said.
Two months ago, the Internal Revenue Bureau proposed fiLing, who logged in on June 14 on June 16, approved and paid an application for an amnesty for estate tax.
The Republic Act No. 11956 extends the period of estate tax amnesty for another two years, or until June 14, 2025, from the precedent of June 15, 2023 to June 14, 2025.
This grants the beneficiary, assignee or legal heir to sufficient time to repay the tax on inherited assets, especially for the inheritance of individuals who died on or before May 31, 2022.
“This is not a bill passed by Congress,” he said.
In 2019, President Rodrigo R. Duterte rejected the GTA provisions of Republic Act No. 11213, but retained the estate tax amnesty provisions.
When asked to provide more details of the bill and may deviate from the proposed deviation from the previous bill, Mr Recto said: “No details are yet. (Drafting) is now beginning.”
Mr Recto told reporters that after the Government Service Insurance System (GSIS) purchased shares of Digiplus Interactive Corp., the government opened up the idea of banning state-owned companies from investing in companies related to online gambling.
“We agree. I agree. Maharica (Investment Corp.) will not invest in it,” he said, referring to the sovereign wealth fund. Mr. Recto also serves as Chairman of Maharlika.
Jose Arnulfo Veloso, president and general manager of GSIS, is currently preventing investment decisions from pension funds. GSIS also purchased Alternergy Holdings Corp. shares, allegedly failing to comply with the pension fund’s internal approval procedures.
Mr Recto suggested stopping gambling addiction by taxing the online gambling industry, while other parts of the government crack down on the use of e-wallets in online gambling.
“It’s a whole approach to the government. Even the president said he will call for the discussion in the middle of the night.” – Aubrey Rose A. Inosante
