Short Title.
Section 1
SECTION 1. Short Title. - This Act shall be known as the "Tax Amnesty Act."
RA 11213 (Tax Amnesty Act) TITLE I
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Declaration of Policy.
Section 2
SEC. 2. Declaration of Policy. - It is hereby declared the policy of the State to protect and enhance revenue administration and collection, and make the country's tax system more equitable, by simplifying the tax compliance requirements. Toward this end, the State shall: (a) Provide a one-time opportunity to settle estate tax obligations through an estate tax amnesty program that will give reasonable tax relief to estates with deficiency estate taxes; (b) Broaden the tax base by offering a general tax amnesty for all unpaid internal revenue taxes that will help cleanse, organize, and improve the Bureau of Internal Revenue's database; (c) Enhance revenue collection by providing a tax amnesty on delinquencies that will minimize administrative costs in pursuing tax case and declog the dockets of the Bureau of Internal Revenue and the courts; and (d) Provide a more equitable tax system by adopting a comprehensive tax reform program that will simplify the requirements on tax amnesties with the use of simplified forms, and utilization of information technology in broadening the tax base.
Definition of Terms.
Section 3
SEC. 3. Definition of Terms. - As used in this Act: (a) Basic tax assessed refers to the latest amount of tax assessment issued by the Bureau of Internal Revenue against the taxpayer, exclusive interest, penalties, and surcharges. (b) Net estate refers to the gross estate less all allowable deductions as provided in the National Internal Revenue Code of 1997, as amended, or the applicable estate tax laws prevailing at the time of death of the decedent; (c) Net undeclared estate refers to the difference between the total net estate valued at the time of death and the net estate previously declared with the Bureau of Internal Revenue, if any; (d) Statement of Assets, Liabilities, and Networth refers to a declaration of the assets, liabilities, and networth as of December 31, 2017, as follows: (1) Assets within or without the Philippines, whether real or personal, tangible or intangible, whether or not used in trade or business: Provided, That property other than money shall be valued at the cost at which the property was acquired: Provided, further, That foreign currency assets and/or securities shall be valued at the rate of exchange prevailing as of the date of the Statement of Assets, Liabilities, and Networth; (2) All existing liabilities, which are legitimate and enforceable, secured or unsecured, whether or not incurred in trade or business; and (3) The networth of the taxpayer, which shall be the difference between the total assets and total liabilities. (e) Total asset refers to the amount of the aggregate assets whether within or without the Philippines, real or personal, tangible or intangible, or ordinary or capital.
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