Duterte vetoed tax amnesty over absence of measures to ‘break walls of bank secrecy’–Dominguez
Credit to Author: The Manila Times| Date: Sun, 17 Feb 2019 08:04:29 +0000
PRESIDENT Rodrigo Duterte vetoed the general tax amnesty provision under the Tax Amnesty Act because of the absence of measures that would “break the walls of bank secrecy,” Finance Secretary Carlos Dominguez 3rd said late Saturday.
“The President was constrained to veto the portion of the law covering the general amnesty because of the lack of provisions breaking the walls of bank secrecy, setting the framework for complying with international standards on exchange of information, and other safeguards against those who abuse by declaring untruthful assets or net worth,” Dominguez said.
Dominguez said the Department of Finance (DoF) “supported a general tax amnesty for everyone with pending tax cases” but agreed with the President that this should happen with “corresponding tax administration measures to strengthen enforcement against current tax evasion.”
The government expects about P41 billion in additional revenues without the lifting of bank secrecy provisions, Dominguez said but stressed that Congress must first lift the bank secrecy law before tax amnesty to make it more effective. MAYVELIN U. CARABALLO
The post Duterte vetoed tax amnesty over absence of measures to ‘break walls of bank secrecy’–Dominguez appeared first on The Manila Times Online.