Businessmirror february 11, 2018

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PART B OF DUTERTE’S TAX PACKAGE 1 TO GRANT AMNESTY TO DELINQUENTS

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‘Tax evaders’ should board next TRAIN

President Duterte leads the ceremonial signing of the 2018 General Appropriations Act and the Tax Reform for Acceleration and Inclusion bill as members of Congress stand behind him at Malacañang in Manila on December 19, 2017. AP/Aaron Favila

T

By Jovee Marie N. Dela Cruz

he House Committee on Ways and Means is now finalizing Part B of Package 1 of the Tax Reform for Acceleration and Inclusion (TRAIN) Act seeking to grant amnesty on all unpaid internal-revenue taxes, while relaxing the Bank Secrecy Law.

If things go according to the panel’s plan, House Bill (HB) 7105 would be presented for plenary approval next month. “The timeline for the passage of HB 7105 in the House of Representatives’ plenary is first quarter of this year…that’s our target," Rep. Dakila Carlo Cua of Quirino, the panel chairman, told the BusinessMirror. The bill will grant amnesty on all unpaid internal-revenue taxes imposed by the national govern-

ment for taxable year 2017 and prior years. It was filed on February 2 by its principal authors Cua, Speaker Pantaleon Alvarez and Majority Leader Rodolfo Fariñas of Ilocos Norte. Cua said the lower chamber is eyeing to approve the bill on third and final reading before Congress goes on recess on March 21.

Poor tax collection

According to Cua, this proposed

law is needed as the Philippines experienced poor tax collections in the previous years. It is meant to combat corruption, simplify taxation and improve tax collection. Aside from giving the government flexibility in collecting taxes and immediate revenues, Cua said the bill also seeks to expand the taxpayer base. “As we all know, there exist a vast number of unsettled taxes that cannot be legally collected by

our executive agencies without going through the rigorous process laid down by law. Likewise, an unaccounted number of individuals who have not [paid], but are now willing to pay, their taxes are discouraged by threat of prosecution,” he said. Whether disputed and uncollected taxes are caused by erroneous assessment or by the fault of the taxpayer, the lawmaker added, “it is high time for us to move Continued on A2

DENR starts review of forest-management deals with private sector

A

By Jonathan L. Mayuga

s the government embarks on the audit of 89 Integrated Forest Management Agreement areas (Ifmas), officials of the Department of Environment and Natural Resources (DENR) said they will also conduct a comprehensive review of the entire program, including the costs and benefits. The review of the 19-yearold Ifma program, which will be in-depth, may eventually lead to cancellation of forest-management agreements awarded to big agricultural companies that failed to

make the vast tracts of land productive. Environment Undersecretary for Policy, Planning, International Affairs and Foreign-Assisted Projects Jonas Leones said the audit

PESO exchange rates n US 51.3030

will dig deep into the records of Ifma holders. The auditors will also look closely into the revenues generated by the DENR from the production-sharing agreements under the Ifmas, Leones told the BusinessMirror. Leones is also the designated spokesman of Environment Secretary Roy A. Cimatu. According to him, Cimatu’s directive is encompassing and will cover the physical assessment of the areas leased out to Ifma holders, the legal basis of their existence, revenues generated by the government over the years while utilizing vast tracts of government lands assigned to them for establishment of forest plantations and other agro-forestry use; and the conditions provided for under the Continued on A2

In this December 24, 2017, file photo, people gather on a bridge which was washed out by flooding brought about by Typhoon Vinta in Zamboanga del Sur. The alleged environmental destruction of Integrated Forest Management Agreement areas caused by the Dacon Group of Companies is being blamed for the death of two dozen people during the height of the typhoon,which unleashed flash floods that swept away people and houses and set off landslides. AP/Daisy Barimbao

n japan 0.4719 n UK 71.3214 n HK 6.5598 n CHINA 8.1195 n singapore 38.5215 n australia 39.8932 n EU 62.8257 n SAUDI arabia 13.6808

Source: BSP (February 9, 2018 )


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