House approves bill simplifying tax filing

‘Tax time’ memo on 1040 individual tax form

The House of Representatives recently approved on third reading the proposed Ease of Paying Taxes Act (House Bill 8942).

The bill aimsto ease the process of tax filing in order to encourage payment of taxes by both individual and business tax payers.  It also seeks to abolish the annual tax payer registration fee, create registration facilities for non-resident tax payers, establish a “Taxpayers Bill of Rights,  and establish a Taxpayer’s Advocate office under the Department of Finance.

If  signed, the bill  is expected to generate an additional P 73 billion in government revenues for the first five years of implementation.,

A taxpayer’s advocate provides assistance to taxpayers who are experiencing significant  economic difficulty and are facing tax-related problems that cannot be resolved through normal channels. It also serves as taxpayer’s recourse for tax-related issues with the Bureau of Internal Revenue.

Albay Representative Joey Salceda said that the measure would help consolidate the country’s fiscal situation and improve its recovery trajectory after the pandemic.

Be the first to comment

Leave a Reply

Your email address will not be published.


*