The deadline for the Philippines' Bureau of Internal Revenue's Tax Amnesty Program, otherwise known as R.A. 9480 or the Tax Amnesty Act of 2007, is today - May 5, 2008.
The original deadline set by the Bureau was on March 6, 2008 but was later amended by the Department of Finance through Revenue Memorandum Circular 29-2008. The amnesty program covers internal revenue income taxes of taxable year 2005 and prior years. Take note though that this only covers Income Taxes and does not include liabilities for withholding taxes for expanded and compensation withholding taxes. The amnesty fees ranges from Php50,000 to Php500,000 for corporations, depending on the company's authorized capital stock, while Php50,000 for individuals.
What this TAX AMNESTY does is that it erases Income Tax Liabilities of 2005 and prior years and will in effect, generally exempts the taxpayer on BIR Audits for the said years. For the detailed information, regulations pertaining to this Law can be found on the Bureau of Internal Revenue Website (www.bir.gov.ph) on how to avail of the Philippine TAX AMNESTY Program.
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